<PAGE>

                                                                    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.

<PAGE>
                                       
                BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                     THREE MONTHS ENDED SEPTEMBER 30, 1998
                                       
Weighted Average Shares Outstanding:

<TABLE>
<CAPTION>
     TOTAL        # DAYS
     SHARES     OUTSTANDING
<S>             <C>
    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      -------
</TABLE>

<PAGE>
                                       
                BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                    THREE MONTHS ENDED SEPTEMBER 30, 1997
                                       
Weighted Average Shares Outstanding:

<TABLE>
<CAPTION>
     TOTAL        # DAYS
     SHARES     OUTSTANDING
<S>             <C>
   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      ------
</TABLE>

<PAGE>
                                       
                BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                     NINE MONTHS ENDED SEPTEMBER 30, 1998
                                       
Weighted Average Shares Outstanding:

<TABLE>
<CAPTION>
     TOTAL        # DAYS
     SHARES     OUTSTANDING
<S>             <C>
    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      ------
</TABLE>

<PAGE>
                                       
                BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                      NINE MONTHS ENDED SEPTEMBER 30, 1997
                                       

Weighted Average Shares Outstanding:

<TABLE>
<CAPTION>
       TOTAL       # DAYS
      SHARES     OUTSTANDING
<S>             <C>
    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      ------
</TABLE>