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<PAGE>
COMPUTATION OF EARNINGS PER SHARE - EXHIBIT 11.1
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
BASIC INCOME (LOSS) PER COMMON SHARE:
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------------- ---------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income (loss) $ (7,542) $ 910 $ (9,584) $ (2,403)
=========== =========== =========== ===========
Weighted average shares
outstanding 22,480,071 22,480,071 22,480,071 22,479,755
=========== =========== =========== ===========
Income (loss) per common share $ (0.34) $ 0.04 $ (0.43) $ (0.11)
=========== =========== =========== ===========
</TABLE>
DILUTED INCOME (LOSS) PER COMMON SHARE:
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------------- ---------------------------
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net income (loss) $ (7,542) $ 910 $ (9,584) $ (2,403)
=========== =========== =========== ===========
Weighted average shares
outstanding 22,480,071 22,480,071 22,480,071 22,479,755
Effect of dilutive shares-stock
options - 19,417 - -
----------- ----------- ----------- -----------
Total weighted average dilutive
shares 22,480,071 22,499,488 22,480,071 22,479,755
=========== =========== =========== ===========
Income (loss) per common share $ (0.34) $ 0.04 $ (0.43) $ (0.11)
=========== =========== =========== ===========
</TABLE>
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