EXHIBIT 11.1 SONUS PHARMACEUTICALS, INC. COMPUTATION OF PRO FORMA NET LOSS PER SHARE
Year Ended December 31, -------------------------- 1995 1994 ----------- ----------- Net Loss ...................................................................... $(5,938,941) $(8,897,275) =========== =========== 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 ----------- ----------- Shares used in computation of pro forma net loss per share .................... 5,981,021 4,927,643 =========== =========== Pro forma net loss per share .................................................. $ (0.99) $ (1.80) =========== ===========