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EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
Three Months Ended Nine Months Ended
September 30, September 30,
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1996 1995 1996 1995
---- ---- ---- ----
Weighted average common shares outstanding ... 13,502,000 789,000 12,178,000 658,000
Effect of Convertible Preferred Stock
-- assumed converted at date of issuance . -- 6,599,000 -- 6,599,000
Effect of Common and Common
equivalent Shares issued by the Company
during the twelve month period immediately
preceding the Company's initial public
offering in November 1995, as if they
were outstanding for all periods presented
prior to the inital public offering
(using the treasury stock method) ........ -- -- -- 533,000
------------ ----------- ------------ -----------
Shares used in computing
net loss per share ....................... 13,502,000 7,388,000 12,178,000 7,790,000
Net loss ..................................... $ (5,349,407) $(2,430,861) $(12,021,489) $(5,432,055)
============ =========== ============ ===========
Net loss per share ........................... $ (.40) $ (.33) $ (.99) $ (.70)
============ =========== ============ ===========
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