Exhibit 11.1
Weighted Average Shares
Period ended December 31, 1998
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Three Months Twelve Months
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Shares outstanding at beginning of period 2,604,000 2,604,000 2,604,000
January 1, 1998 Subscription agreement shares issued 188,976 188,976 188,976
January 1, 1998 Sale of shares to board member 29,760 29,760 29,760
May 1, 1998 Public offering of 6,600,000 6,600,000 6,600,000 4,412,055
May 6, 1998 Issuance of shares as offering overallotments 990,000 990,000 648,247
May 6, 1998 Issuance of shares for acquisition of founders 2,375,741 2,375,741 1,555,622
June 12, 1998 Issuance of shares for acquisition 190,821 190,821 105,605
June 22, 1998 Issuance of shares for acquisition 84,512 84,512 44,456
June 29, 1998 Issuance of shares for acquisition 21,312 21,312 10,802
June 30, 1998 Issuance of shares for acquisition 22,023 22,023 11,102
July 2, 1998 Issuance of shares for acquisition 19,805 19,805 9,875
July 2, 1998 Issuance of shares for acquisition 124,102 124,102 61,881
July 2, 1998 Issuance of shares for acquisition 29,778 29,778 14,848
July 2, 1998 Issuance of shares for acquisition 112,500 112,500 56,096
July 14, 1998 Issuance of shares for acquisition 36,657 36,657 17,073
July 20, 1998 Issuance of shares for acquisition 99,602 99,602 44,753
July 21, 1998 Issuance of shares for acquisition 15,443 15,443 6,896
July 22, 1998 Issuance of shares for acquisition 100,624 100,624 44,661
July 31, 1998 Issuance of shares for acquisition 5,834 5,834 2,445
August 3, 1998 Issuance of shares for acquisition 29,148 29,148 11,979
August 6, 1998 Issuance of shares for acquisition 73,193 73,193 29,478
August 7, 1998 Issuance of shares for acquisition 377,624 377,624 151,050
August 12, 1998 Release of escrow shares 21,202 21,202 8,190
August 14, 1998 Issuance of shares for acquisition 21,132 21,132 8,048
August 21, 1998 Issuance of shares for acquisition 173,498 173,498 62,744
August 26, 1998 Issuance of shares for acquisition 9,424 9,424 3,279
September 8, 1998 Issuance of shares for acquisition 34,195 34,195 10,680
October 14, 1998 Issuance of shares for acquisition 33,077 28,044 7,069
November 30, 1998 Issuance of shares for acquisition 17,545 5,912 1,490
November 30, 1998 Issuance of shares for acquisition 111,528 37,580 9,472
December 9, 1998 Issuance of shares for acquisition 807,692 193,144 48,683
December 21, 1998 Issuance of shares for acquisition 15,184 1,650 416
December 29, 1998 Release of escrow shares 14,644 318 80
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Weighted average shares outstanding for basic earnings per share 14,657,554 10,221,810
Options outstanding at December 31, 1998: 1,077,900 shares; total
exercise proceeds: $13,169,372; average price of option $12.22 143,771 108,851
Warrants outstanding at December 31, 1998: 117,789 shares; exercise
price: $12.91 per share; average market value of Company stock
$17.17/$17.19; shares deemed issued 10,914 14,718
Earnout shares held at December 31, 1998; stock price $18.375 19,519 4,880
Shares held in escrow related to acquisitions 110,633 39,645
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Total shares outstanding for fully diluted earnings per share 14,942,391 10,389,904
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