1
EXHIBIT 11.1
RENEX CORP.
WEIGHTED AVERAGE SHARES - BASIC AND DILUTED EARNINGS PER SHARE
1995 1996 1997
---- ---- ----
365 365 365
Initial capitalization 7/7/93 833,333 833,333 833,333 833,333
Private offering 9/15/93 900,000 900,000 900,000 900,000
--------------
1,733,333
Repurchase of warrants/sale of stock 12/9/94 134,667 134,667 134,667 134,667
--------------
1,868,000
Exercise of warrants and issuance of common stock 5/2/95 109,333 72,789 109,333 109,333
Issuance of common stock 8/4/95 4,667 1,905 4,667 4,667
Issuance of common stock for acquisition 12/29/95 376,857 2,065 376,857 376,857
--------------
2,358,857
Issuance of common stock for acquisition 4/22/96 333,333 231,050 333,333
Sale of common stock 9/30/96 351,007 88,473 351,007
Conversion of preferred stock - A 9/01/96 658,667 218,353 658,667
Conversion of preferred stock - B 11/15/96 268,250 33,807 268,250
--------------
3,970,114
Sale of common stock 1/15/97 4,133 3,963
Initial public offering 10/07/97 3,000,000 698,630
-------------- -------------- ----------- --------------
ACTUAL WEIGHTED AVERAGE SHARES 6,974,247 1,944,759 2,930,540 4,672,707
NET LOSS (1,187,000) (2,449,000) (2,098,000)
BASIC AND DILUTED EPS (0.61) (0.84) (0.45)