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 SEPTEMBER 30, 1998
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
12,995,112 x 29 = 376,858,248
13,006,836 x 6 = 78,041,016
13,011,836 x 57 = 741,674,652
--- -------------
92 = 1,196,573,916
--- -------------
--- -------------
1,196,573,916 / 92 = 13,006,238
----------
----------
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(2,504,731) = $ (0.19)
- --------------------------------- ----------- -------
Weighted Avg. Shares 13,006,238 -------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
THREE MONTHS ENDED SEPTEMBER 30, 1997
Weighted Average Shares Outstanding:
TOTAL # DAYS
SHARES OUTSTANDING
11,712,758 x 2 = 23,425,516
11,763,593 x 20 = 235,271,860
11,764,343 x 36 = 423,516,348
11,765,343 x 8 = 94,122,744
11,777,924 x 24 = 282,670,176
11,778,204 x 1 = 11,778,204
11,780,704 x 1 = 11,780,704
--- -------------
92 1,082,565,552
--- -------------
--- -------------
1,082,565,552 / 92 = 11,767,017
----------
----------
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $ (3,449,012) = $(0.29)
- --------------------------------- ------------ ------
Weighted Avg. Shares 11,767,017 ------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
NINE MONTHS ENDED SEPTEMBER 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 50 = 649,755,600
13,006,836 x 6 = 78,041,016
13,011,836 x 57 = 741,674,652
--- -------------
273 3,458,477,985
--- -------------
--- -------------
3,458,477,985 / 273 = 12,668,418
----------
----------
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(9,136,511) = $(0.72)
- --------------------------------- ----------- ------
Weighted Avg. Shares 12,668,418 ------
BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
NINE MONTHS ENDED SEPTEMBER 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 63 = 737,903,754
11,763,593 x 20 = 235,271,860
11,764,343 x 36 = 423,516,348
11,765,343 x 8 = 94,122,744
11,777,924 x 24 = 282,670,176
11,778,204 x 1 = 11,778,204
11,780,704 x 2 = 11,780,704
--- -------------
273 3,182,706,136
--- -------------
--- -------------
3,182,706,136 / 273 = 11,658,264
----------
----------
Loss Per Share:
Net Loss plus dividend accrual
plus accretion of offering costs $(9,447,419) = $(0.81)
- --------------------------------- ----------- ------
Weighted Avg. Shares 11,658,264 ------