<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.
















                                      15
<PAGE>

               BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                      THREE MONTHS ENDED MARCH 31, 1998

WEIGHTED AVERAGE SHARES OUTSTANDING:

<TABLE>
<S>                                           <C>                            <C>
         TOTAL                 # DAYS
         SHARES              OUTSTANDING
       ----------------------------------
       12,251,434      x          90  =       1,102,629,060 
                               -----          -------------
                                  90  =       1,102,629,060

                                              1,102,629,060   /   90     =    12,251,434
                                                                              ----------
                                                                              ----------
</TABLE>

LOSS PER SHARE:

<TABLE>
<S>                                           <C>                             <C>
Net Loss plus dividend accrual                                                                            
 plus accretion of offering costs             ($3,598,495)        =               ($0.29)
 --------------------------------             ------------                    ----------
                                                                              ----------
         Weighted Avg. Shares                  12,251,434              
</TABLE>

<PAGE>
                                       
                BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION
                        THREE MONTHS ENDED MARCH 31, 1997
                                       

WEIGHTED AVERAGE SHARES OUTSTANDING:

<TABLE>
<S>                          <C>                  <C>                      <C>
        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          22    =            255,318,294 
                             ------               -------------
                                 90    =          1,037,501,036 

                                                  1,037,501,036      =     11,527,789
                                                                           ----------
                                                                           ----------
</TABLE>

LOSS PER SHARE:

<TABLE>
<S>                                      <C>                           <C>
 Net Loss plus dividend accrual                          
plus accretion of offering costs         ($2,870,560)        =         ($0.25)
--------------------------------         ------------                  -------
                                                                       -------
     Weighted Avg. Shares                 11,527,789
</TABLE>