from 10-K
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Exhibit 11.1 Cai Wireless Systems, Inc. Loss Per Share Computation <table> <caption> Year Ended Year Ended Year Ended March 31, March 31, March 31, 1997 1996 1995 <s> <c> <c> <c> Net Loss $(82,298,207) $ (40,985,572) $(14,106,837) Preferred Stock Dividend (13,011,270) ( 5,878,960) (328,011) Loss Applicable to Common Stock Shareholders $(95,309,477) $ (46,864,532) $(14,434,848) Weighted Average Number of Shares 40,069,258 27,075,578 15,456,540 Outstanding Loss Per Share $ (2.38) $ (1.73) $ (0.93) </Table> Computation of Weighted Average Number of Shares Outstanding <table> <caption> Weighted Shares Common Stock Transactions Shares Outstanding <s> <c> <c> for the Year Ended March 31, 1995 Beginning Balance 15,410,000 15,410,000 Warrants Exercised 74,000 29,417 Series a Preferred Stock}(1)(2){ 1,640,909 0 Series B Preferred Stock}(3){ 271,739 17,123 Warrants}(1){ 2,020,578 0 Options}(1){ 956,500 0 15,456,540 for the Year Ended March 31, 1996 Beginning Balance 15,754,018 15,754,018 Common Stock Sold 179,765 174,824 Common Stock Issued to Acquire 49% Minority Interest in Hampton Roads Wireless, Inc. 652,523 467,107 Common Stock Issued in Acs Merger 19,362,611 9,734,209 Common Stock Issued in Ecnw Merger 1,880,565 945,420 Series a Preferred Stock}(1)(2){ 2,546,198 0 Warrants}(1){ 2,310,541 0 Options}(1){ 1,274,134 0 27,075,578 for the Year Ended March 31, 1997 Beginning Balance 37,829,482 37,829,482 Series a Preferred Stock Converted to Common Stock 2,637,742 2,178,513 Warrants Exercised 73,315 61,263 Warrants - Banx 36,751,085 0 Warrants-Other 2,852,453 0 Options 2,195,937 0 40,069,258 </Table>
