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Exhibit 11.1
COMPUTATION OF EARNINGS PER SHARE
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Three Months Ended Nine Months Ended
July 31, July 31,
1999 2000 1999 2000
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<S> <C> <C> <C> <C>
Numerator:
Net income (loss) $ (22,856,018) $ 190,565 $ (23,449,278) $ 592,011
Preferred stock accretion -- -- -- (529,411)
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Net loss (income) available
to common stock holders
(22,856,018) 190,565 (23,449,278) 62,600
Denominator:
Denominator for basic
earnings per share-
weighted-average shares 8,941,493 9,649,409 8,941,493 9,548,440
Effect of dilutive
securities:
Employee stock options -- -- -- --
Warrants -- -- -- --
Dilutive potential
common shares -- 316,563 -- --
Denominator for diluted
earnings per share adjusted
weighted-average shares and
assumed conversions 8,941,493 9,965,972 8,941,493 9,548,440
Basic earnings per share $(2.56) $.02 $(2.62) $.01
Diluted earnings per share $(2.56) $.02 $(2.62) $.01
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