**EXHIBIT 11.1**

 

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

 

                The following schedules reflect theinformation used in calculating the number of shares in the computation of netloss per share for each of the periods set forth in the Statements of Operations.

 

 

BASIC AND DILUTED EARNINGS PER SHARE COMPUTATIONTHREE MONTHS ENDED SEPTEMBER 30, 2001

 

 

Weighted Average SharesOutstanding:

 
| **TOTAL**  | **# DAYS**      |   |   |        |   |   |   |
|------------|-----------------|--------|--------|-------------|--------|--------|--------|
| **SHARES** | **OUTSTANDING** |   |   |        |   |   |   |
| 9,278,711  | x               | 38     | =      | 352,591,018 |   |   |   |   |   |
| 9,280,821  | x               | 37     | =      | 343,390,377 |   |   |   |   |   |
| 10,170,739 | x               | 17     | =      | 172,902,563 |   |   |   |   |   |
|       |            | 92     | =      | 868,883,958 |   |   |   |   |   |
|       |            |   |   |        |   |   |   |   |   |
|       |            |   |   | 868,883,958 |   | / 92   | =      | 9,444,391 |   |

 

Loss Per Share:

 
| Net Loss plus dividend accrual plus  accretion of offering costs |   | $         | (2,933,653 | )      | =      |   | $      | (0.31 | ) |
|------------------------------------------------------------------|--------|-----------|------------|--------|--------|--------|--------|-------|---|
| Weighted Avg. Shares                                             |   | 9,444,391 |       |   |   |   |   |

 

 

BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATIONTHREE MONTHS ENDED SEPTEMBER 30, 2000

 

 

 

Weighted Average SharesOutstanding:

 
| **TOTAL**  | **# DAYS**      |   |   |        |   |   |   |
|------------|-----------------|--------|--------|-------------|--------|--------|--------|
| **SHARES** | **OUTSTANDING** |   |   |        |   |   |   |
| 7,034,921  | x               | 6      | =      | 42,209,526  |   |   |   |   |   |
| 7,042,398  | x               | 17     | =      | 119,720,766 |   |   |   |   |   |
| 7,054,860  | x               | 46     | =      | 324,523,560 |   |   |   |   |   |
| 9,054,860  | x               | 23     | =      | 208,261,780 |   |   |   |   |   |
|       |            | 92     | =      | 694,715,632 |   |   |   |   |   |
|       |            |   |   |        |   |   |   |   |   |
|       |            |   |   | 694,715,632 |   | / 92   | =      | 7,551,257 |   |

 

Loss Per Share:

 
| Net Loss plus dividend accrual plus  accretion of offering costs |   | $         | (2,126,768 | )      | =      |   | $      | (0.28 | ) |
|------------------------------------------------------------------|--------|-----------|------------|--------|--------|--------|--------|-------|---|
| Weighted Avg. Shares                                             |   | 7,551,257 |       |   |   |   |   |

 

 

BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATIONNINE MONTHS ENDED SEPTEMBER 30, 2001

 

 

Weighted Average SharesOutstanding:

 
| **TOTAL**  | **# DAYS**      |   |   |          |   |   |   |
|------------|-----------------|--------|--------|---------------|--------|--------|--------|
| **SHARES** | **OUTSTANDING** |   |   |          |   |   |   |
| 9,067,700  | x               | 5      | =      | 45,338,500    |   |   |   |   |   |
| 9,077,338  | x               | 2      | =      | 18,154,676    |   |   |   |   |   |
| 9,078,463  | x               | 10     | =      | 90,784,630    |   |   |   |   |   |
| 9,078,888  | x               | 22     | =      | 199,735,536   |   |   |   |   |   |
| 9,079,313  | x               | 53     | =      | 481,203,589   |   |   |   |   |   |
| 9,267,993  | x               | 45     | =      | 417,059,685   |   |   |   |   |   |
| 9,278,711  | x               | 82     | =      | 760,854,302   |   |   |   |   |   |
| 9,280,821  | x               | 37     | =      | 343,390,377   |   |   |   |   |   |
| 10,170,739 | x               | 17     | =      | 172,902,563   |   |   |   |   |   |
|       |            | 273    | =      | 2,529,423,858 |   |   |   |   |   |
|       |            |   |   |          |   |   |   |   |   |
|       |            |   |   | 2,529,423,858 |   | / 273  | =      | 9,265,289 |   |

 

Loss Per Share:

 
| Net Loss plus dividend accrual plus  accretion of offering costs |   | $         | (7,149,066 | )      | =      |   | $      | (0.77 | ) |
|------------------------------------------------------------------|--------|-----------|------------|--------|--------|--------|--------|-------|---|
| Weighted Avg. Shares                                             |   | 9,265,289 |       |   |   |   |   |

 

 

BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATIONNINE MONTHS ENDED SEPTEMBER 30, 2000

 

 

Weighted Average SharesOutstanding:

 
| **TOTAL**  | **# DAYS**      |   |   |          |   |   |   |
|------------|-----------------|--------|--------|---------------|--------|--------|--------|
| **SHARES** | **OUTSTANDING** |   |   |          |   |   |   |
| 6,572,135  | x               | 3      | =      | 19,716,405    |   |   |   |   |   |
| 6,574,135  | x               | 7      | =      | 46,018,945    |   |   |   |   |   |
| 6,576,135  | x               | 15     | =      | 98,642,025    |   |   |   |   |   |
| 6,578,135  | x               | 14     | =      | 92,093,890    |   |   |   |   |   |
| 6,591,135  | x               | 1      | =      | 6,591,135     |   |   |   |   |   |
| 6,596,135  | x               | 6      | =      | 39,576,810    |   |   |   |   |   |
| 6,624,189  | x               | 8      | =      | 52,993,512    |   |   |   |   |   |
| 6,629,189  | x               | 1      | =      | 6,629,189     |   |   |   |   |   |
| 6,691,762  | x               | 6      | =      | 40,150,572    |   |   |   |   |   |
| 6,706,762  | x               | 1      | =      | 6,706,762     |   |   |   |   |   |
| 6,723,424  | x               | 3      | =      | 20,170,272    |   |   |   |   |   |
| 6,734,224  | x               | 14     | =      | 94,279,136    |   |   |   |   |   |
| 6,734,917  | x               | 4      | =      | 26,939,668    |   |   |   |   |   |
| 6,772,512  | x               | 6      | =      | 40,635,072    |   |   |   |   |   |
| 7,016,029  | x               | 7      | =      | 49,112,203    |   |   |   |   |   |
| 7,018,059  | x               | 4      | =      | 28,072,236    |   |   |   |   |   |
| 7,020,039  | x               | 17     | =      | 119,340,663   |   |   |   |   |   |
| 7,020,342  | x               | 5      | =      | 35,101,710    |   |   |   |   |   |
| 7,021,002  | x               | 20     | =      | 140,420,040   |   |   |   |   |   |
| 7,034,921  | x               | 46     | =      | 323,606,366   |   |   |   |   |   |
| 7,042,398  | x               | 17     | =      | 119,720,766   |   |   |   |   |   |
| 7,054,860  | x               | 46     | =      | 324,523,560   |   |   |   |   |   |
| 9,054,860  | x               | 23     | =      | 208,261,780   |   |   |   |   |   |
|       |            | 274    | =      | 1,939,302,717 |   |   |   |   |   |
|       |            |   |   |          |   |   |   |   |   |
|       |            |   |   | 1,939,302,717 |   | / 274  | =      | 7,077,747 |   |

 

Loss Per Share:

 
| Net Loss plus dividend accrual plus  accretion of offering costs |   | $         | (5,856,545 | )      | =      |   | $      | (0.83 | ) |
|------------------------------------------------------------------|--------|-----------|------------|--------|--------|--------|--------|-------|---|
| Weighted Avg. Shares                                             |   | 7,077,747 |       |   |   |   |   |