EXHIBIT 11.1
Net loss per common and common equivalent share for the period January
1, 1996 to June 30, 1996 is determined on a basis consistent with APB 15. During
this period a treasury stock approach was used in determining the incremental
shares outstanding. Because the Company has reported losses in each period, the
impact of the incremental shares was anti-dilutive.
The calculation follows:
Statement re Computation of Per Share Earnings
Weighted Average Common Shares Outstanding
Three Months Ended Six Months Ended
June 30, June 30,
------------------ ------------
1995 1996 1995 1996
---- ---- ---- ----
(Unaudited) (Unaudited)
Common stock issued through
December 31, 1994 and 1995,
respectively........................... - - 5,861,332 5,994,790
Common stock issued through
March 31, 1995 and 1996,
respectively........................... 5,922,088 7,094,790 - -
Weighted average common
stock issued in the three
months ended June 30, 1995
and 1996, respectively................. 28,173 43,751 - -
Weighted average common
stock issued in the six
months ended June 30, 1995
and 1996, respectively................. - - 74,920 583,963
---------- --------- --------- ---------
Total stock............................. 5,950,261 7,138,541 5,936,252 6,578,753
========== ========== ========= =========
Net loss ............................. $ (813,235) $ (60,197) $(1,407,211) $(2,481,695)
========== ========== ========== ==========
Net loss per common and common
equivalent share $ (0.14) $ (0.01) $ (0.24) $ (0.38)
========== ========== =========== ==========
14