1 EXHIBIT 11.1 CALCULATION OF EARNINGS PER SHARE FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1996 - - ------------------------------------------------------------------------------------------------------------ MARCH 31, 1995 1996 - - ------------------------------------------------------------------------------------------------------------ Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 749,965 $ 957,301 ========== ========== Common and common equivalent shares: Weighted average number of common shares outstanding during the period . . . . . . . . . . . . . . . . . 3,199,141 5,443,830 Common shares issuable upon conversion of convertible preferred stock Primary . . . . . . . . . . . . . . . . . . . . . . . . 951,721 --- Fully diluted . . . . . . . . . . . . . . . . . . . . . 951,721 --- Common shares issuable upon conversion of redeemable warrants Primary . . . . . . . . . . . . . . . . . . . . . . . . 146,266 --- Fully diluted . . . . . . . . . . . . . . . . . . . . . 146,266 --- Common shares issuable upon exercise of outstanding stock options Primary . . . . . . . . . . . . . . . . . . . . . . . . 243,471 413,736 Fully diluted . . . . . . . . . . . . . . . . . . . . . 243,471 422,306 ---------- ---------- Common and common equivalent shares outstanding during the period Primary . . . . . . . . . . . . . . . . . . . . . . . . 4,540,599 5,857,566 ========== ========== Fully diluted . . . . . . . . . . . . . . . . . . . . . 4,540,599 5,866,136 ========== ========== Earnings per share data Net income per common and common equivalent shares Primary . . . . . . . . . . . . . . . . . . . . . . . . $ .17 $ .16 Fully diluted . . . . . . . . . . . . . . . . . . . . . $ .17 $ .16 13