EXHIBIT 11.1
SONUS PHARMACEUTICALS, INC.
COMPUTATION OF PRO FORMA NET LOSS PER SHARE
Year Ended December 31,
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1995 1994
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Net Loss ...................................................................... $(5,938,941) $(8,897,275)
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Weighted average shares outstanding ........................................... 3,280,928 1,859,478
Weighted average common shares giving effect to the
conversion of preferred stock into common stock for
all periods through the closing date of the initial public
offering .................................................................... 1,841,064 2,293,799
Net effect of stock options exercised and stock options
and warrants granted during the 12 months prior to the Company's filing of
its initial public offering, at less than offering price, calculated using
the treasury stock method at the offering price of $7 per share, and treated
as outstanding for all periods through the
closing date of the initial public offering ................................. 73,297 262,943
Effect of assumed conversion of the convertible
subordinated debenture into common stock using the
initial public offering price of $7 per share ............................... 367,266 462,857
Effect of assumed conversion of $3.6 million of deferred
revenue from the time of receipt, plus accrued interest
at the initial public offering price of $7 per share ........................ 418,466 48,566
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Shares used in computation of pro forma net loss per share .................... 5,981,021 4,927,643
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Pro forma net loss per share .................................................. $ (0.99) $ (1.80)
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