Great Lakes Aviation (GLUX) 10-Q 2000 Q3 Quarterly report

EXHIBIT 11.
  INCOME PER SHARE

		Three Months Ended September 30,
		2000					1999
		Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Basic Income per share
	Net income attributed to Common shareholders	$	1,508,519	8,647,891	$	0.17	$	3,412,303	8,637,440	$	0.40
Effect of dilutive securities
	Stock warrants		—	538,188				—	723,069
	Stock options		—	1,307				—	4,802
Diluted income per share
	Net income attributed to Common shareholders	$	1,508,519	9,187,386	$	0.16	$	3,412,303	9,365,311	$	0.36

		Nine Months Ended September 30,
		2000					1999
		Income (Numerator)		Shares (Denominator)	Per-Share Amount		Income (Numerator)		Shares (Denominator)	Per-Share Amount
Basic Income per share
	Net income attributed to Common shareholders	$	2,098,302	8,644,456	$	0.24	$	4,699,488	8,633,125	$	0.54
Effect of dilutive securities
	Stock warrants		—	603,639				—	723,209
	Stock options		—	2,503				—	4,662
Diluted income per share
	Net income attributed to Common shareholders	$	2,098,302	9,250,598	$	0.23	$	4,699,488	9,360,996	$	0.50