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Exhibit 11.1 Statement Regarding Computation of NET Income Per Share
Computation of Per Share Loss
For the three months ended For the nine months ended
September 30, September 30,
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1996 1995 1996 1995
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Earnings per Common and
Common Equivalent Share:
Initial Public Offering Price $16.00 $16.00 $16.00 $16.00
Weighted Average Common
Shares Outstanding During Period: 1,223,000 1,198,000 1,206,000 1,194,000
Shares of Common stock issued
within the last twelve months
preceding the initial filing date 1,272,000 1,272,000 1,272,000 1,272,000
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2,495,000 2,470,000 2,478,000 2,466,000
Common Stock Equivalents:
Common Stock options and warrants
granted within the last twelve months
preceding the initial filing date 1,375,000 1,375,000 1,375,000 1,375,000
Preferred Stock convertible into Common
Stock and sold within the last twelve months
preceding the initial filing date 4,019,000 4,019,000 4,019,000 4,019,000
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5,394,000 5,394,000 5,394,000 5,394,000
Weighted average Common and Common
Equivalent Shares 7,889,000 7,864,000 7,872,000 7,860,000
Net loss for period ($1,322,000) ($739,000) ($3,550,000) ($797,000)
Loss per Share ($0.17) ($0.09) ($0.45) ($0.10)
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