EXHIBIT 11.1
SUMMIT MEDICAL SYSTEMS, INC.
Computation of Earnings Per Share
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
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PRIMARY EARNINGS PER SHARE:
Weighted average shares outstanding 9,250,403 5,758,307 8,111,590 3,265,746
SAB No. 83 shares--for stock options granted
at exercise prices less than the 12 months
preceding the initial public offering
using the treasury method -- 42,694 -- 81,972
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9,250,403 5,801,001 8,111,590 3,347,718
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Net loss $ (837,178) $ (6,126) $ (870,514) $ (993,349)
========== ========== ========== ==========
Net loss per share $ (0.09) $ 0.00 $ (0.11) $ 0.30)
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FULLY DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding 9,250,403 6,152,506 8,111,590 4,105,786
SAB No. 83 shares--for stock options granted
at exercise prices less than the 12 months
preceding the initial public offering
using the treasury method -- 42,694 -- 81,972
---------- ---------- ---------- ----------
9,250,403 6,195,200 8,111,590 4,187,758
========== ========== ========== ==========
Net loss $ (837,178) $ (6,126) $ (870,514) $ (993,349)
========== ========== ========== ==========
Net loss per share $ (0.09) $ 0.00 $ (0.11) $ (0.24)
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10