EXHIBIT 11.1
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS
The following schedules reflect the information used in
calculating the number of shares in the computation of net loss per share for
each of the periods set forth in the Statements of Operations.
15
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED MARCH 31, 1998
WEIGHTED AVERAGE SHARES OUTSTANDING:
TOTAL # DAYS
SHARES OUTSTANDING
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12,251,434 x 90 = 1,102,629,060
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90 = 1,102,629,060
1,102,629,060 / 90 = 12,251,434
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LOSS PER SHARE:
Net Loss plus dividend accrual
plus accretion of offering costs ($3,598,495) = ($0.29)
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Weighted Avg. Shares 12,251,434
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED MARCH 31, 1997
WEIGHTED AVERAGE SHARES OUTSTANDING:
TOTAL # DAYS
SHARES OUTSTANDING
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11,497,135 x 15 = 172,457,025
11,502,135 x 1 = 11,502,135
11,502,235 x 7 = 80,515,645
11,502,395 x 18 = 207,043,110
11,505,395 x 8 = 92,043,160
11,506,053 x 13 = 149,578,689
11,507,163 x 6 = 69,042,978
11,605,377 x 22 = 255,318,294
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90 = 1,037,501,036
1,037,501,036 = 11,527,789
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LOSS PER SHARE:
Net Loss plus dividend accrual
plus accretion of offering costs ($2,870,560) = ($0.25)
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Weighted Avg. Shares 11,527,789