**EXHIBIT 11.1**

 

STATEMENTREGARDING COMPUTATION OF PER SHARE EARNINGS

 

The following schedulesreflect the information used in calculating the number of shares in thecomputation of net loss per share for each of the periods set forth in theStatements of Operations.

 

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BASICAND DILUTED EARNINGS PER SHARE COMPUTATIONTHREE MONTHS ENDED SEPTEMBER 30, 2001

 

Weighted Average Shares Outstanding:

 
| **TOTAL  SHARES**                                               |   |   | **# DAYS  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   |       |   |   |   |   |      |   |
|                                                                 |        |        |                         |        |        |        |             |            |        |        |        |        |           |        |  |  |

 

2

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Weighted Average Shares Outstanding:

 
| **TOTAL  SHARES**                                                      |   |   | **# DAYS  OUTSTANDING** |   |   |   |   |   |          |     |   |   |   |
|------------------------------------------------------------------------|--------|--------|-------------------------|--------|--------|--------|--------|--------|---------------|----------|--------|--------|--------|
|                                                                   |   |   |                    |   |   |   |   |   |          |     |   |   |   |   |   |   |
| 15,310,771                                                             |   | x      |                    | 92     |   |   | =      |   | 1,408,590,932 |     |   |   |   |   |   |   |
|                                                                   |   |   |                    | 92     |   |   |   |   | 1,408,590,932 |     |   |   |   |   |   |   |
|                                                                   |   |   |                    |   |   |   |   |   |          |     |   |   |   |   |   |   |
|                                                                   |   |   |                    |   |   |   |   |   | 1,408,590,932 |     | /  92  |   | =      |   | 15,310,771 |   |
|                                                                   |   |   |                    |   |   |   |   |   |          |     |   |   |   |   |   |   |
| Loss Per Share:                                                        |   |   |                    |   |   |   |   |   |          |     |   |   |   |   |   |   |
|                                                                   |   |   |                    |   |   |   |   |   |          |     |   |   |   |   |   |   |
| Net Loss plus dividend accrual   plus accretion of offering costs |   |   |                    |   |   |   |   |   | $             | (251,304 | )      |   |   |   |   | $ | (0.02 | ) |
| Weighted Avg. Shares                                                   |   |   |                    |   |   |   |   |   | 15,310,771    |     |   |   |   |   |   |   |
|                                                                        |        |        |                         |        |        |        |        |        |               |          |        |        |        |  |  |  |  |  |

 

3

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BASICAND DILUTED EARNINGS PER SHARE COMPUTATION

NINEMONTHS ENDED SEPTEMBER 30, 2001

 

Weighted Average Shares Outstanding:

 
| **TOTAL  SHARES**                                               |   |   | **# DAYS  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     |       |   |   |   |   |      |   |
|                                                                 |        |        |                         |        |        |        |               |            |        |        |        |        |           |        |  |  |

 

4

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Weighted Average Shares Outstanding:

 
| **TOTAL  SHARES**                                                      |   |   | **# DAYS  OUTSTANDING** |   |   |   |          |       |   |   |   |   |       |   |
|------------------------------------------------------------------------|--------|--------|-------------------------|--------|--------|--------|---------------|------------|--------|--------|--------|--------|------------|--------|
| 10,843,320                                                             | x      |   | 55                      |   | =      |   | 596,382,600   |       |   |   |   |   |       |   |
| 10,861,696                                                             | x      |   | 1                       |   | =      |   | 10,861,696    |       |   |   |   |   |       |   |
| 15,310,771                                                             | x      |   | 217                     |   | =      |   | 3,322,437,307 |       |   |   |   |   |       |   |
|                                                                   |   |   | 273                     |   |   |   | 3,929,681,603 |       |   |   |   |   |       |   |
|                                                                   |   |   |                    |   |   |   |          |       |   |   |   |   |       |   |
|                                                                   |   |   |                    |   |   |   | 3,929,681,603 |       | /  273 |   | =      |   | 14,394,438 |   |
|                                                                   |   |   |                    |   |   |   |          |       |   |   |   |   |       |   |
| Loss Per Share:                                                        |   |   |                    |   |   |   |          |       |   |   |   |   |       |   |
|                                                                   |   |   |                    |   |   |   |          |       |   |   |   |   |       |   |
| Net Loss plus dividend accrual   plus accretion of offering costs |   |   |                    |   |   |   | $             | (4,260,220 | )      |   |   | =      |       | $      | (0.30 | ) |
| Weighted Avg. Share                                                    |   |   |                    |   |   |   | 14,394,438    |       |   |   |   |   |       |   |
|                                                                        |        |        |                         |        |        |        |               |            |        |        |        |        |            |        |  |  |

 

5

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