**EXHIBIT 11.1**

 

STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS

 

The following schedules reflect the information used in calculating thenumber of shares in the computation of net loss per common share for each ofthe periods set forth in the Statements of Operations.

 

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BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED MARCH 31, 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               | 34       |   | = | 520,566,214 |   |   |
|                                    |          |            | 90       |   |   | 1,127,810,510 |   |   |
|                                    |          |            |     |   |   |
|                                    |          |            |     |   |   |   |
|                                    | 1,127,810,510 |            | /  90    | = | 12,531,228 |   |
|                                    |          |            |     |   |   |   |
| Loss Per Share:                         |          |            |     |   |   |   |
|                                    |          |            |     |   |   |   |
| Net Loss plus dividend accrual          |          |            |     |   |   |   |
|  plus accretion of offering  costs | $             | (1,445,451      | )        | = |   | $ | (0.12 | ) |
| Weighted Avg. Shares                    | 12,531,228    |            |     |   |   |   |
|                                         |               |                 |          |  |  |  |  |  |  |  |  |  |  |  |  |

 

1

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BASIC AND DILUTED EARNINGS PER SHARE COMPUTATION

THREE MONTHS ENDED MARCH 31, 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               | 51       |   |   | 463,044,963 |   |   |
|                                 |        |            | 90       |   |   | 817,058,305 |   |   |
|                                 |        |            |     |   |   |
|                                 |        |            |     |
|                                 | 817,058,305 |            | /  90    | = | 9,078,426 |   |
|                                 |        |            |     |   |   |   |
| Loss Per Share:                      |        |            |     |   |   |   |
|                                 |        |            |     |   |   |   |
| Net Loss plus dividend accrual       |        |            |     |   |   |   |
| plus accretion of offering costs     | $           | (2,272,505      | )        | = |   | $ | (0.25 | ) |
| Weighted Avg. Shares                 | 9,078,426   |            |     |   |   |   |
|                                      |             |                 |          |  |  |  |  |  |  |  |  |  |  |  |

 

2

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