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<PAGE> 1
AETHER SYSTEMS, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
EXHIBIT 11.1
<TABLE>
<CAPTION>
Pro Forma Computation of Earnings
per Common Share
-------------------------------------
(in thousands, except per share data)
Year Ended December 31, 1997
-------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders $(2,747) 12,656 $(0.22)
EFFECT OF DILUTIVE SHARES
Stock options - - -
------ ------ -----
DILUTIVE EPS (1)
Pro forma net loss available to
common shareholders $(2,747) 12,656 $(0.22)
------ ------ -----
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1998
-------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders
$(4,693) 15,916 $(0.29)
EFFECT OF DILUTIVE SHARES
Stock options
- - -
------ ------ -----
DILUTIVE EPS (1)
Pro forma net loss available to
common shareholders
$(4,693) 15,916 $(0.29)
------ ------ -----
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31, 1999
-------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders
$(30,691) 21,207 $(1.45)
EFFECT OF DILUTIVE SHARES
Stock options
- - -
------ ------ -----
DILUTIVE EPS (1)
Pro forma net loss available to
common shareholders
$(30,691) 21,207 $(1.45)
------ ------ -----
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
Year Ended December 31, 1999 (Pro Forma Consolidated)
----------------------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available
to common shareholders $(302,742) 25,745 $(11.76)
EFFECT OF DILUTIVE SHARES - - -
stock options
-------- ------- -------
DILUTIVE EPS(1)
Pro forma net loss available to
common shareholders $(302,742) 25,745 $(11.76)
-------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended June 30, 1999
--------------------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders $(4,320) 19,878 $(0.22)
EFFECT OF DILUTIVE SHARES
Stock options - - -
------- ------ ---------
DILUTIVE EPS(1)
Pro forma net loss available to
common shareholders $(4,320) 19,878 $(0.22)
-------- ------ ---------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended June 30, 2000
--------------------------------------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders $(123,185) 33,765 $(3.65)
EFFECT OF DILUTIVE SHARES
Stock options - - -
Convertible subordinated notes - - -
-------- ------- -------
DILUTIVE EPS(1)
Pro forma net loss available to
common shareholders $(123,185) 33,765 $(3.65)
-------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
Six Months Ended June 30, 1999 (Pro Forma Consolidated)
--------------------------------------------------------
Net Loss Shares Per Share
-------- ------ ---------
<S> <C> <C> <C>
BASIC EPS
Pro forma net loss available to
common shareholders $(174,040) 35,369 $(4.92)
EFFECT OF DILUTIVE SHARES
Stock options - - -
Convertible subordinated notes - - -
------- ------ ---------
DILUTIVE EPS(1)
Pro forma net loss available to
common shareholders $(174,040) 35,369 $(4.92)
-------- ------ ---------
</TABLE>
1. Options and warrants to purchase approximately 1.000 million, 1.559 million,
4.077 million and 4.836 million shares of common stock were outstanding during
1997, 1998, 1999 and 2000 and pro formas for 1999 and 2000, respectively.
Additionally in 2000, convertible subordinated notes convertible into 1.27
million shares of common stock were outstainding. These shares were excluded
from the computation of pro forma diluted earnings per share because the effect
would have been antidilutive.
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