<PAGE>

EXHIBIT 11.1  STATEMENT RE COMPUTATION OF EARNINGS PER SHARE

In accordance with the disclosure requirements of SFAS 128, a reconciliation of
the numerator and denominator of basic and diluted EPS is provided below.

(Unaudited and in thousands, except per share amounts)

<TABLE>
<CAPTION>

                                                          Three Months Ended                Six Months Ended
                                                               June 30,                         June 30,
                                                   -----------------------------    ----------------------------
                                                     2002             2001              2002               2001
                                                   -------        ----------         ----------         --------
<S>                                                <C>            <C>                <C>                <C>
NUMERATOR
Income (loss) before extraordinary item and
accounting change                                  $   380        $   (5,759)        $     (429)        $  (19,010)
Extraordinary Item                                      --                --             (1,833)                --
Accounting change                                       --                --            (21,766)                --
                                                   -------        ----------         ----------         ----------
Net income (loss)                                  $   380        $   (5,759)        $  (24,028)        $  (19,010)
                                                   =======        ==========         ==========         ==========

DENOMINATOR
Denominator for basic earning per share -
weighted-average common shares                      47,834            34,390             44,256             34,358
Effect of dilutive securities
Common stock options and warrants                    3,378                --                 --                 --
                                                   -------        ----------         ----------         ----------

Denominator for diluted earnings per share          51,212            34,390             44,256             34,358
                                                   =======        ==========         ==========         ==========

EARNINGS PER SHARE
Basic:
Income (loss) before extraordinary item and
accounting change                                  $  0.01        $    (0.17)        $    (0.01)        $    (0.55)
Extraordinary Item                                      --                --              (0.04)                --
Accounting change                                       --                --              (0.49)                --
                                                   -------        ----------         ----------         ----------
Net income (loss)                                  $  0.01        $    (0.17)        $    (0.54)        $    (0.55)
                                                   =======        ==========         ==========         ==========

Diluted:
Income (loss) before extraordinary item and
accounting change                                  $  0.01        $    (0.17)        $    (0.01)        $    (0.55)
Extraordinary Item                                      --                --              (0.04)                --
Accounting change                                       --                --              (0.49)                --
                                                   -------        ----------         ----------         ----------
Net income (loss)                                  $  0.01        $    (0.17)        $    (0.54)        $    (0.55)
                                                   =======        ==========         ==========         ==========
</TABLE>