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<PAGE> 1
EXHIBIT 11.1
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended June 30 Six Months Ended June 30
1999 2000 1999 2000
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
March
Loss before extraordinary item $ (44,711) $ (56,039) $ (86,724) $(103,743)
Extraordinary item - 15,787 - 15,787
Net loss (44,711) (40,252) (86,724) (87,956)
Preferred dividends (4,048) (2,299) (8,051) (5,086)
Series C Preferred Exchange Inducement - - - (6,308)
Gain on repurchase of preferred stock - - 2,208 -
--------- --------- --------- ---------
Net (loss)/gain attributable to common stockholders $ (48,759) $ (42,551) $ (92,567) $ (99,350)
========= ========= ========= =========
Weighted-average shares outstanding:
Shares outstanding, beginning of period 41,583 80,353 41,583 41,902
Shares issued for stock warrants exercised - 87 839
Shares issued for exercise of stock options - 541
Shares issued in exchange for Series C Preferred 7,729
Shares issued for exchange of subordinated notes 3,002 1,501
Shares issued to equity investors 13,657
--------- --------- --------- ---------
Weighted-average shares outstanding 41,583 83,355 41,670 66,169
========= ========= ========= =========
Basic and diluted loss per share attributable
to common stockholders $ - $ (0.70) $ (2.22) $ (1.74)
Extraordinary item, net of income tax benefit - 0.19 - 0.24
--------- --------- --------- ---------
(Loss)/gain per share attributable to common stockholders $ (1.17) $ (0.51) $ (2.22) $ (1.50)
========= ========= ========= =========
</TABLE>
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