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EXHIBIT 11.1
CALCULATION OF PRO FORMA NET LOSS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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Weighted Average Common and Common Equivalent Shares:
Series A Preferred Stock -- -- -- 994,677
Series B Preferred Stock -- -- -- 1,614,046
Common Stock 10,175,426 10,008,542 10,121,499 5,720,538
Common Stock Options -- -- -- 457,981
Warrants -- -- -- 2,142
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10,175,426 $ 10,008,542 $ 10,121,499 $ 8,789,384
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Net Loss $ (763,000) $ (246,000) $ (3,052,000) $ (5,085,000)
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Pro Forma net loss per common and common equivalent share $ (0.07) $ (0.02) $ (0.30) (0.58)
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