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)