FG (FGH) 10-Q 2003 Q2 Quarterly report

Exhibit 11

Ballantyne of Omaha, Inc. and Subsidiaries
Computation of Net Income (Loss) Per Share of Common Stock
Three and Six Months Ended June 30, 2003 and 2002

	Three Months Ended June 30					Six Months Ended June 30
	2003		2002			2003		2002
Basic Net Income (Loss) Per Share
Net income (loss) applicable to common stock	$	557,460	$	(802,460	)	$	173,365	$	(1,036,753	)
Weighted average common shares outstanding	12,626,500		12,568,302			12,617,349		12,567,197
Basic income (loss) per share	$	0.04	$	(0.06	)	$	0.01	$	(0.08	)
Diluted Net Income (Loss) Per Share
Net income (loss) applicable to common stock	$	557,460	$	(802,460	)	$	173,365	$	(1,036,753	)
Weighted average common shares outstanding	12,626,500		12,568,302			12,617,349		12,567,197
Assuming conversion of options outstanding *	422,622		—			333,182		—
Weighted average common shares outstanding, as adjusted	13,049,122		12,568,302			12,950,531		12,567,197
Diluted net income (loss) per share	$	0.04	$	(0.06	)	$	0.01	$	(0.08	)

*Because the Company reported net losses for the three and six months ended June 30, 2002,  the calculation of net loss per share – diluted excludes potential common shares from stock options, as they are anti-dilutive and would result in a reduction of loss per share.  If the Company had reported net income for these periods, there would have been 150,573 and 118,348 additional shares in the calculation of net income per share – diluted.