**EXHIBIT11.1**

 

STATEMENT REGARDINGCOMPUTATION OF PER SHARE EARNINGS

 

                The followingschedules reflect the information used in calculating the number of shares inthe computation of net loss per common share for each of the periods set forthin the Statements of Operations.

 

1

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BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED JUNE30, 2002

** **
| Weighted Average  Shares Outstanding: |   |        |       |           |   |   |
|---------------------------------------|--------|-------------|------------|----------------|--------|--------|
|                                  |   |        |       |           |   |   |
| TOTAL                                 |   | # DAYS      |       |           |   |   |
| SHARES                                |   | OUTSTANDING |       |           |   |   |
| 15,310,771                            | x      | 91          | =          | 1,393,280,161  |   |   |
|                                  |   | 91          | =          | 1,393,280,161, |   |   |
|                                  |   |        |       |           |   |   |
|                                  |   |        |       | 1,393,280,161  | / 92   | =      | 15,310,771 |   |   |
|                                  |   |        |       |           |   |   |
| Loss Per Share:                       |   |        |       |           |   |   |
|                                  |   |        |       |           |   |   |
| Net Loss plus  dividend accrual       |   |        |       |           |   |   |
| plus accretion  of offering costs     |   | $           | (2,563,465 | )              |   | =      | $ | (0.17 | ) |
| Weighted Avg.  Shares                 |   | 15,310,771  |       |           |   |   |   |
|                                  |   |        |       |           |   |   |   |
|                                       |        |             |            |                |        |        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

 

 

2

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BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED JUNE30, 2001

 

** **
| Weighted Average Shares Outstanding: |      |        |        |        |      |
|--------------------------------------|-----------|-------------|-------------|-------------|-----------|
|                                 |      |        |        |        |      |
| TOTAL                                |      | #  DAYS     |        |        |      |
| SHARES                               |      | OUTSTANDING |        |        |      |
| 9,079,313                            | x         | 2           | =           | 18,158,626  |      |
| 9,267,993                            | x         | 45          | =           | 417,059,685 |      |
| 9,278,711                            | x         | 44          | =           | 408,263,284 |      |
|                                 | 91        | =           | 843,481,595 |        |      |
|                                 |      |        |        |        |      |
|                                 |      | 843,481,595 | /  91       | =           | 9,269,029 |   |
|                                 |      |        |        |        |      |
| Loss Per Share:                      |      |        |        |        |      |
|                                 |      |        |        |        |      |
| Net Loss plus dividend  accrual      |      |        |        |        |
| plus accretion of offering  costs    |      | $           | (1,942,908  | )           | =         |   | $ | (0.21 | ) |   |
| Weighted Avg. Shares                 | 9,269,029 |        |        |        |
|                                      |           |             |             |             |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

3

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BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATION

SIX MONTHS ENDED JUNE 30,2002

 

** **
| Weighted Average Shares Outstanding: |   |          |          |          |       |
|--------------------------------------|--------|---------------|---------------|---------------|------------|
|                                 |   |          |          |          |       |
| TOTAL                                |   | #  DAYS       |          |          |       |
| SHARES                               |   | OUTSTANDING   |          |          |       |
| 10,843,320                           | x      | 55            | =             | 596,382,600   |       |
| 10,861,696                           | x      | 1             | =             | 10,861,696    |       |
| 15,310,771                           | x      | 125           | =             | 1,913,846,375 |       |
|                                 | 181    |          | 2,521,090,671 |          |       |   |
|                                 |   |          |          |          |       |
|                                 |   | 2,521,090,671 | /  181        | =             | 13,928,678 |   |
|                                 |   |          |          |          |       |
| Loss Per Share:                      |   |          |          |          |       |
|                                 |   |          |          |          |       |
| Net Loss plus dividend accrual       |   |          |          |          |       |
| plus accretion of offering costs     |   | $             | (4,008,916    | )             | =          |   | $ | (0.29 | ) |
| Weighted Avg. Shares                 |   | 13,928,678    |          |          |       |
|                                      |        |               |               |               |            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

4

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BASIC AND DILUTEDEARNINGS PER SHARE COMPUTATION

SIX MONTHS ENDED JUNE 30,2001

 
| Weighted Average Shares Outstanding: |   |          |          |        |      |
|--------------------------------------|--------|---------------|---------------|-------------|-----------|
|                                 |   |          |          |        |      |
| 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      | 44            | =             | 408,263,284 |      |
|                                 | 181    | =             | 1,660,539,900 |        |      |   |
|                                 |   |          |          |        |      |
|                                 |   | 1,660,539,900 | /  181        | =           | 9,174,254 |   |
|                                 |   |          |          |        |      |
| Loss Per Share:                      |   |          |          |        |      |
|                                 |   |          |          |        |      |
| Net Loss plus dividend accrual       |   |          |          |        |      |
| plus accretion of offering costs     |   | $             | (4,215,413    | )           | =         |   | $ | (0.46 | ) |
| Weighted Avg. Shares                 |   | 9,174,254     |          |        |      |
|                                      |        |               |               |             |           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

 

5

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