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.
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED JUNE 30, 1998
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
12,251,434 x 29 = 355,291,586
12,281,591 x 1 = 12,281,591
12,970,112 x 40 = 518,804,480
12,995,112 x 21 = 272,897,352
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91 = 1,159,275,009
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1,159,275,009 / 91 = 12,739,286
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Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $ (3,033,285) = $ (0.24)
- --------------------------------- ------------- ----------
Weighted Avg. Shares 12,739,286 ----------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED JUNE 30, 1997
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
11,605,377 x 30 = 348,161,310
11,712,758 x 61 = 714,478,238
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91 1,062,639,548
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1,062,639,548 /91 = 11,677,358
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Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $ (3,181,016) = $ (0.27)
- --------------------------------- ------------- ----------
Weighted Avg. Shares 11,677,358 ----------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
SIX MONTHS ENDED JUNE 30, 1998
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
12,251,434 x 119 = 1,457,920,646
12,281,591 x 1 = 12,281,591
12,970,112 x 40 = 518,804,480
12,995,112 x 21 = 272,897,352
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181 2,261,904,069
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2,261,904,069 /181 = 12,496,708
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Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $ (6,631,780) = $ (0.53)
- --------------------------------- -------------- ----------
Weighted Avg. Shares 12,496,708 ----------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
SIX MONTHS ENDED JUNE 30, 1997
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
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 52 = 603,479,604
11,712,758 x 61 = 714,478,238
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181 2,100,140,584
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2,100,140,584 /181 = 11,602,987
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Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $ (5,997,658) = $ (0.52)
- --------------------------------- ------------- ----------
Weighted Avg. Shares 11,602,987 ----------