Ngas Resources (NGAS) Inactive 10-Q2005 Q2 Quarterly report

Filed: 15 Aug 05, 12:00am

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Removed: accounted, behalf, check, CODE, consulting, duly, EMPLOYER, Exhibit, expansion, file, filed, furniture, Gain, IDENTIFICATION, INCORPORATION, joint, JURISDICTION, mark, November, ORGANIZATION, past, preceding, pursuant, registrant, STATE, TELEPHONE, undersigned, venture, William

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Exhibit 11.1

Computation of Earnings Per Share

The following table sets forth the computation of dilutive earnings per share (“EPS”) for the three months and six months ended June 30, 2005 and 2004.


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2005			2004		2005		2004
Numerator:
Net income (loss) as reported for basic EPS	$	(535,652	)	$	208,383	$	201,414	$	975,624
Adjustments to income for diluted EPS		—			18,496		—		46,943

Net income for diluted EPS	$	(535,652	)	$	226,879	$	201,414	$	1,022,567


Denominator:
Weighted average shares for basic EPS		16,005,158			13,877,212		15,848,386		12,964,698
Effect of dilutive securities:
Stock options		—			1,107,069		633,686		1,096,844
Warrants		—			940,813		267,664		982,953
Conversion of debt instruments		—			781,368		—		960,873

Adjusted weighted average shares and assumed conversions for EPS		16,005,158			16,706,462		16,749,736		16,005,368


Basic EPS	$	(0.03	)	$	0.02	$	0.01	$	0.08

Diluted EPS	$	(0.03	)	$	0.01	$	0.01	$	0.06