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EXHIBIT 11.1
INNOVA CORPORATION AND SUBSIDIARY
PRO FORMA EARNINGS (LOSS) PER SHARE CALCULATION
With SAB 83 Adjustment
Nine month
fiscal period Three months ended
ended March 31,
December 31, -------------------
1996 1997
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SUMMARY INFORMATION
Net income (Loss) F/S: $(7,328,836) $(2,118,543)
Common shares outstanding @
beginning of period 881,900 940,392
Common stock issued upon exercise
of employee options* 10,684 1,310
- Mos. outstanding 4.5 1.5
Common stock issued upon exercise
of vendor options* 47,808
- Mos. outstanding 8.0
Stock warrants and options -
- not dilutive (SAB 83 effect
included in adjustment below)
*o/s prior to exercise included in SAB 83
adjustment below.
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Common shares outstanding @ end of period 940,392 941,702
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Weighted average outstanding common
stock 929,738 941,047
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Assumed conversion of redeemable
preferred stock at closing of IPO 8,682,310 8,682,310
SAB 83 adjustment: 474,487 471,458
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Shares used in computing pro forma
net loss per share 10,086,535 10,094,815
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Pro forma net loss per share $(0.73) $(0.21)
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