Exhibit 11.1
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per share amounts)
March 31, March 31,
1996 1997 1998 1998 1999
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(Unaudited) (Unaudited)
Historic basic and diluted earnings (loss) per share:
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Loss from continuing operations $(1,393) $ (5,025) $(12,257) $ (2,261) (4,651)
Income (loss) from discontinued operations 799 1,923 (671) 154 (340)
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Total Net Loss (594) (3,102) (12,928) (2,107) (4,991)
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Dividends on preferred Stock - - - - 171
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Net loss attributable to
Common Shareholders $ (594) $ (3,102) $(12,928) $ (2,107) $ (5,162)
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Weighted-average common shares outstanding:
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Basic and diluted common shares outstanding 9,648 9,648 9,869 9,648 9,990
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Basic and diluted earnings (loss) per share:
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Continuing operations $ (0.14) $ (0.52) $ (1.24) $ (0.23) $ (0.48)
Discontinued operations 0.08 0.20 (0.07) 0.01 (0.04)
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Total $ (0.06) $ (0.32) $ (1.31) $ (0.22) $ (0.52)
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March 31,
1998 1999
---- ----
(in thousands
except per share amounts) (Unaudited)
Supplemental basic and diluted loss per share(unaudited):
- ---------------------------------------------------------
Loss from continuing operations $(12,257) $ (4,651)
Loss from discontinued operations (671) (340)
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Total net loss (12,928) (4,991)
Add: Interest adjustment -- continuing operations 941 660
Interest adjustment -- discontinued operations 131 13
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Total supplemental net loss -- continuing operations (11,316) (3,991)
Total supplemental net loss -- discontinued operations (540) (327)
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Total supplemental net loss $(11,856) $ (4,318)
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Weighted average common shares outstanding:
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Historical basic and diluted weighted average common
shares outstanding 9,869 9,990
Shares assumed to be issued to pay-down debt 717 717
Series A and B preferred shares assumed to be converted
to common stock 2,931 2,931
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Total supplemental weighted-average common shares
outstanding basic and diluted 13,517 13,638
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Supplemental loss per share -- basic and diluted
- ----------------------------------------------
Continuing Operations $ (0.84) $ (0.29)
Discontinued operations (0.04) (0.03)
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Total $ (0.88) $ (0.32)
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