1
Exhibit 11.1
COMPUTATIONS OF EARNINGS PER COMMON SHARE
TWELVE MONTHS ENDED
DECEMBER 31, 1998 DECEMBER 31, 1999
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PER SHARE PER SHARE
NET LOSS SHARES AMOUNT NET LOSS SHARES AMOUNT
---------- -------- ---------- ---------- -------- ---------
(IN THOUSANDS, EXCEPT PER SHARE AND SHARE DATA)
Net loss $(2,689) $(31,508)
Less: preferred stock dividends -- 1,487
------- --------
Basic EPS
Net loss available to common stockholders (2,689) 1,755,536 $(1.53) (32,995) 2,226,225 $(14.82)
Effect of Dilutive Securities
Convertible debt -- -- -- -- -- --
Convertible preferred stock -- -- -- -- -- --
Stock option plans and warrants -- -- -- -- -- --
Dilutive EPS
Net loss available to common stockholders ------- --------- ------ -------- --------- -------
and assumed conversions $(2,689) 1,755,536 $(1.53) $(32,995) 2,226,225 $(14.82)
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The Company's convertible debt, which is exchangeable into shares of the
Company's common stock, was outstanding during calendar 1998 and for
approximately two months during the year ended December 31, 1999, but was not
included in the computation of diluted earnings per share because the effect of
which would have been anti-dilutive. Options and warrants to purchase 179,490
and 301,786 shares, respectively, of common stock were outstanding during 1998
but were not included in the computation of diluted earnings per share because
the effect would have been anti-dilutive. Options and warrants to purchase 1.9
million and 948,596 shares, respectively, of common stock were outstanding
during the year ended December 31, 1999, but were not included in the
computation of diluted earnings per share because the effect would have been
anti-dilutive. The Company's Series A preferred stock, which is convertible into
1,035,706 shares of the Company's common stock, was outstanding during calendar
1998 and during the year ended December 31, 1999, but was not included in the
computation of diluted earnings per share because the effect would have been
anti-dilutive. The Company's Series B and Series C preferred stock, which is
convertible into 3,466,897 and 4,464,276 shares, respectively, of common stock
were outstanding during 1999 but were not included in the computation of diluted
earnings per share because the effect would have been anti-dilutive.