1
Exhibit 11.1 Computation of per share earnings
Renex Corporation
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1993 1994 1995 1996 Q2 -1996 Q2 -1997
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Net loss $ (322,000) $ (842,000) $ (1,187,000 $ (2,449,000) $ (862,000) $ (503,000)
Weighted average shares 2,395,835 2,759,884 2,963,193 3,693,617 3,503,664 4,067,747
Net loss per share $ (0.13) $ (0.31) $ (0.40) $ (0.66) $ (0.25) $ (0.12)
Net loss proforma $ (3,165,000) $ 138,000
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Additional shares based on IPO 1,167,445 1,167,445
Weighted average shares 3,693,617 4,067,747
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Total shares 4,861,062 5,235,192
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Net loss proforma per share $ (0.65) $ 0.03
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1996 Q2-1997
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Reconciliation from historical net income to pro forma net income
Historical net (loss) $ (2,449,000) $ (503,000)
Reduction of interest expense 915,000 533,000
Warrant expense (272,000)
Deferred financing costs (1,384,000)
Prepayment penalty (63,000)
Long-Term Debt financing costs (138,000)
Reduction of amortization of long-term debt financing costs 226,000 108,000
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Proforma Net (loss) $ (3,327,000) $ 138,000
FASB #128
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1993 1994 1995 1996 Q2 - 1996 Q2 -1997
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Net loss $ (322,000) $ (842,000) $ (1,187,000) $ (2,449,000) $ (862,000) $ (503,000)
Weighted average shares 1,377,401 1,741,450 1,944,759 2,930,540 2,485,231 3,973,884
Net loss per share $ (0.23) $ (0.48) $ (0.61) $ (0.84) $ (0.35) $ (0.13)
2
Exhibit 11.1 Computation of per share earnings
Renex Corporation
1993 1994
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WEIGHTED AVERAGE SHARES 182 365
Initial capitalization 7/7/93 833,333 833,333 833,333
private offering 9/15/93 900,000 544,068 900,000
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1,733,333
Repurchase warrants/sell stock 12/9/94 134,667 8,117
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1,868,000
Orig warrants/sell stock 5/2/95 109,333
sell stock 8/4/95 4,667
stock for acquisition 12/29/95 376,857
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2,358,857
stock for acquisition 4/22/96 333,333
sell stock 9/30/96 351,007
convert PS -A 9/01/96 658,667
convert PS -B 11/15/96 268,250
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3,970,114
sell stock 1/15/97 4,133
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3,974,247
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ACTUAL WEIGHTED AVG SHARES 1,377,401 1,741,450
RENEX CORPORATION
SAB 83 IMPACT
Warrants:
7/31/96 78,751 $6/SH $ 8 IPO 19,688 19,688 19,688
11/15/96 116,669 $3/SH $ 8 IPO 72,918 72,918 72,918
Options:
8/18/96 1,667 $6/SH $ 8 IPO 417 417 417
11/18/96 1,667 $6/SH $ 8 IPO 417 417 417
11/10/96 834 $6/SH $ 8 IPO 209 209 209
Stock:
9/30/96 351,007 $3/SH $ 8 IPO 219,379 219,379 219,379
1/15/97 4,133 $3/SH $ 8 IPO 2,583 2,583 2,583
Preferred Stock:
7/15/96 268,250 $3/SH $ 8 IPO 167,656 167,656 167,656
9/01/96 658,667 $1.50/SH $ 8 IPO 535,167 535,167 535,167
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(Converted 11/15/96 Series B and 9/01/96 Series A)
TOTAL WEIGHTED AVG SHARES 2,395,835 2,759,884
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1995 1996 Q2-96 Q2-97
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WEIGHTED AVERAGE SHARES 365 365 182 182
Initial capitalization 833,333 833,333 833,333 833,333
private offering 900,000 900,000 900,000 900,000
Repurchase warrants/sell stock 134,667 134,667 134,667 134,667
Orig warrants/sell stock 72,789 109,333 109,333 109,333
sell stock 1,905 4,667 4,667 4,667
stock for acquisition 2,065 376,857 376,857 376,857
stock for acquisition 231,050 126,374 333,333
sell stock 88,473 351,007
convert PS -A 218,353 658,667
convert PS -B 33,807 268,250
sell stock 3,770
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ACTUAL WEIGHTED AVG SHARES 1,944,759 2,930,540 2,485,231 3,973,884
RENEX CORPORATION
SAB 83 IMPACT
Warrants:
7/31/96 19,688 19,688 19,688 19,688
11/15/96 72,918 72,918 72,918 72,918
Options:
8/18/96 417 417 417 417
11/18/96 417 417 417 417
11/10/96 209 209 209 209
Stock:
9/30/96 219,379 163,483 219,379
1/15/97 2,583 2,583 2,583 215
Preferred Stock:
7/15/96 167,656 145,608 167,656
9/01/96 535,167 357,755 535,167
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(Converted 11/15/96 Series B and 9/01/96 Series A)
TOTAL WEIGHTED AVG SHARES 2,963,193 3,693,617 3,503,664 4,067,747
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