Exhibit 11.1
INTERCARDIA, INC.
STATEMENT RE COMPUTATION OF NET INCOME (LOSS) PER SHARE
Year Ended
September 30,
1995 1996
Net income (loss) per
Consolidated Statements of
Operations $(2,524,912) $1,182,865
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Calculation of weighted average
number of common shares and
common share equivalents:
Common Stock 3,500,000 5,637,070
Series A Preferred Stock 692,621 (1) 234,045
Stock options and warrants 681,826 (2) 169,910
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4,874,447 6,041,025
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Net income (loss) per common share $ (0.52) $ 0.20
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(1) All of the Series A Preferred shares were issued within one year of the
initial filing date of Intercardia's initial public offering and are
therefore treated as outstanding in accordance with Staff Accounting
Bulletin Topic 4-D.
(2) Includes stock options and warrants granted within one year of the
initial filing date of Intercardia's initial public offering, which are
treated as outstanding in accordance with Staff Accounting Bulletin
Topic 4-D. The amount is net of 60,882 shares that would be repurchased
under the treasury stock method.