EXHIBIT 11.1 -- COMPUTATION OF PER SHARE EARNINGS
Eight Month Six Month Six Month
Period Ended Year Ended Period Ended Period Ended
August 31, August 31, February 29, February 28,
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1995 1996 1996 1997
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Primary:
Net loss $(10,160,639) $(18,429,784) $(7,242,166) $(16,292,351)
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Weighted average number of common
shares outstanding 1,474,554 2,219,770 2,149,332 2,323,207
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Net income per common share $ (6.89) $ (8.30) $ (3.37) $ (7.01)
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Fully Diluted:
Net loss $(10,160,639) $(18,429,784) $(7,242,166) $(16,292,351)
Interest expense related to convertible
notes, net of income tax expense $ 918,501 $ 5,342,208 $ 1,889,955 $ 6,907,852
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Adjusted net loss $ (9,242,138) $(13,087,576) $(5,352,211) $ (9,384,499)
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Weighted average number of common
shares outstanding, assuming
conversion of convertible notes at
beginning of relevant period 1,671,890 3,202,778 2,731,972 3,653,532
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Net loss per common share $ (5.53) $ (4.09) $ (1.96) $ (2.57)
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