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Form 10-Qsb September 30, 2004 Transax International Limited Exhibit 11.1 Transax International Limited and Subsidiaries Statement of Computation of Per Share Earnings [Unaudited] ================================================================================ <table> <caption> for the Three Months Ended for the Nine Months Ended September 30, September 30, 2004 (A) 2003 (A) 2004 (A) 2003 (A) <s> <c> <c> <c> <c> Basic: Average Shares Outstanding 16,665,608 12,955,830 15,807,994 12,635,651 Net Loss Applicable to Common Shares $ (557,153) $ (695,391) $ (1,101,537) $ (1,733,818) Per Share Amount $ (0.03) $ (0.05) $ (0.07) $ (0.14) ============ ============ ============ ============ Fully Diluted: Average Shares Outstanding Disregarding Dilutive Outstanding Stock Options and Warrant Conversion of Debenture for Each Year 16,665,608 12,955,830 15,807,994 12,635,651 Convertible Loans 3,750,000 1,794,524 3,750,000 1,794,524 Dilutive Stock Options and Warrants, Based on the Treasury Stock Method Using the Average Market Price -- 2,724,271 -- 908,090 Shares Outstanding 20,415,608 17,474,625 19,557,994 15,338,265 Net Loss $ (557,153) $ (695,391) $ (1,101,537) $ (1,733,818) Interest on Convertible Loan $ -- 27,436 $ -- 27,436 Net Loss for Fully Diluted Calculation $ (557,153) $ (667,955) $ (1,101,537) $ (1,706,382) Per Share Amount $ (0.03) $ (0.04) $ (0.06) $ (0.11) ============ ============ ============ ============ </Table> Note A: The Fully-Diluted Calculation Is Submitted in Accordance With Regulation S-K, Item 601 (B)(11), Although It Is Contrary to Paragraph 13 of Statement of Financial Accounting Standards No. 128 Because It Produces an Anti-Dilutive Result. Page 41
