EXHIBIT 11.1
INTERCARDIA, INC.
STATEMENT RE COMPUTATION OF NET INCOME (LOSS) PER SHARE
Year Ended September 30
----------------------------------------------------------
1997 1996 1995
---- ---- ----
Net income (loss) per Consolidated Statements of
Operations $ (10,078,741) $ 1,182,865 $ (2,524,912)
============ ========= ===========
Calculation of weighted average
number of common shares and common share
equivalents:
Common Stock 6,750,611 5,637,070 3,500,000
Series A Preferred Stock
-- 234,045(1) 692,621(1)
Stock options and warrants 191,193 169,910(2) 681,826(2)
------------ --------------- ------------------
6,941,804 6,041,025 4,874,447
============= =============== ==================
Net income (loss) per common share $ (1.45) $ 0.20 $ (0.52)
============= ================ ===================
(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.