1
Exhibit 11.1
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(in millions, except share information)
For the Year Ended For the Year Ended For the Six Months Ended
December 31, 1994 December 31, 1993 December 31,1993
---------------------------- ------------------------- -----------------------------
Primary Fully Diluted Primary Fully Diluted(3) Primary Fully Diluted(3)
------------ --------------- ---------- ------------- ----------- --------------
Income (loss) before
extraordinary items $ 59.8 $ 59.8 $ (2.1) $ (2.1) $ (23.0) $ (23.0)
Extraordinary items 0.0 0.0 (11.7) (11.7) (11.7) (11.7)
------------ ----------- ---------- ----------- ------------ -----------
Net income (loss) $ 59.8 $ 59.8 $ (13.8) $ (13.8) $ (34.7) $ (34.7)
============ =========== ========== =========== =========== ===========
Weighted Average Shares:
Common shares outstanding 42,602,167 42,602,167 35,500,014 35,500,014 35,500,014 35,500,014
Exercise of stock options(1) 3,321,954 3,443,913 - 2,801,372 - 2,801,372
Exercise of warrants(2) 1,514,356 1,514,356 - 3,300,000 - 3,300,000
------------ ----------- ---------- ----------- ----------- -----------
Common and equivalent shares
outstanding 47,438,477 47,560,436 35,500,014 41,601,386 35,500,014 41,601,386
============ =========== ========== =========== =========== ===========
Per Common and Equivalent
Share:
Income (loss) before
extraordinary items $ 1.26 $ 1.26 $ (0.06) $ (0.05) $ (0.65) $ (0.55)
Extraordinary items - - (0.33) (0.28) (0.33) (0.28)
------------ ----------- ---------- ----------- ----------- -----------
Net income (loss) $ 1.26 $ 1.26 $ (0.39) $ (0.33) $ (0.98) $ (0.83)
============ =========== ========== =========== =========== ===========
For the Year Ended
June 30, 1993
-----------------------------
Primary Fully Diluted
--------- -------------
Income (loss) before
extraordinary items $ 10.1 $ 10.1
Extraordinary items 0.0 0.0
--------- -------------
Net income (loss) $ 10.1 $ 10.1
========== =============
Weighted Average Shares:
Common shares outstanding 35,166,747 35,166,747
Exercise of stock options(1) 1,582,317 1,582,317
Exercise of warrants(2) 3,300,000 3,300,000
--------- -------------
Common and equivalent shares
outstanding 40,049,064 40,049,064
========== =============
Per Common and Equivalent
Share:
Income (loss) before
extraordinary items $ 0.25 $ 0.25
Extraordinary items - -
--------- -------------
Net income (loss) $ 0.25 $ 0.25
========== =============
For the Year Ended For the Year Ended For the Six Months Ended
June 30, 1992 June 30, 1991 June 30, 1990
----------------------------- ------------------------------ ----------------------------
Primary Fully Diluted(3) Primary Fully Diluted (3) Primary Fully Diluted(3)
--------- ---------------- --------- ----------------- ----------- -------------
Income (loss) before
extraordinary items $ (17.1) $ (17.1) $ (33.2) $ (33.2) $ (20.6) $ (20.6)
Extraordinary items $ (5.1) $ (5.1) $ 0.0 $ 0.0 $ 0.0 $ 0.0
----------- ---------- ----------- ------------ ----------- -----------
Net income (loss) $ (22.2) $ (22.2) $ (33.2) $ (33.2) $ (20.6) $ (20.6)
=========== =========== =========== ============ =========== ===========
Weighted Average Shares:
Common shares
outstanding 27,768,312 27,768,312 16,493,499 16,493,499 16,500,000 16,500,000
Exercise of stock
options(1) - 1,582,317 - 1,339,404 - 1,339,404
Exercise of warrants(2) - 3,300,000 - 3,300,000 - 3,300,000
---------- ----------- ----------- ------------ ----------- -----------
Common and equivalent
shares outstanding 27,768,312 32,650,629 16,493,499 21,132,903 16,500,000 21,139,404
=========== =========== =========== ============ =========== ===========
Per Common and Equivalent
Share:
Income (loss) before
extraordinary items $ (0.62) $ (0.52) $ (2.01) $ (1.57) $ (1.25) $ (0.97)
Extraordinary items (0.18) (0.16) - - - -
----------- ------------- ----------- ------------ ----------- -----------
Net income (loss) $ (0.80) $ (0.68) $ (2.01) $ (1.57) $ (1.25) $ (0.97)
=========== =========== =========== ============ =========== ===========
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(1) Amount represents the number of shares issued assuming exercise of stock
options, reduced by the number of shares which could have been
purchased with the proceeds from the exercise of such options.
(2) Amount represents the number of common shares issued assuming exercise
of warrants outstanding.
(3) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of the
APB Opinion No. 15 because of the antidlutitive effect on net loss per
share.