EXHIBIT 11
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DVL, Inc. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
December 31,
- ---------------------------------
1994 1993 1992
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Primary:
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Loss before gain on sales of real estate $ (12,896) $ (6,178) $
(22,655)
Gain on sales of real estate to affiliates 9 15
20
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Loss from continuing operations (12,887) (6,163)
(22,635)
Loss from discontinued operations (223) (367)
(403)
Extraordinary gain on the settlement of
indebtedness 1,935 7,991
16,482
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Net income (loss) $ (11,175) $ 1,461 $
(6,556)
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=========
Weighted average number of common shares
issued and to be issued 8,336,640 7,064,015
6,911,571
Shares issuable upon exercise of dilutive stock
options and warrants - net of shares assumed
to be repurchased (at the average market
price for the period) from exercise proceeds - 339,392
- -
--------- ---------
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Shares used for computation 8,336,640 7,403,407
6,911,571
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=========
Earnings per share of Common Stock:
Loss before gain on sale of real estate $ (1.54) $ (.83) $
(3.27)
Gain on sales of real estate to affiliates - -
- -
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Loss from continuing operations (1.54) (.83)
(3.27)
Loss from discontinued operations (.03) (.05)
(.06)
Extraordinary gain on the settlement of
indebtedness .23 1.08
2.38
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Net income (loss) $ (1.34) $ .20 $
(.95)
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EXHIBIT 11 (continued)
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DVL, Inc. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
December 31,
- ---------------------------------
1994 1993 1992
--------- ---------
- ---------
Assuming full dilution:
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Loss before gain on sale of real estate $ (12,896) $ (6,178) $
(22,655)
Adjustment for reduction in interest on
assumed conversion of debentures - 65
- -
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Adjusted loss before gain on sale of real
estate (12,896) (6,113)
(22,655)
Gain on sale of real estate 9 15
20
--------- ---------
- ---------
Adjusted loss from continuing operations (12,887) (6,098)
(22,635)
Loss from discontinued operations (223) (367)
(403)
Extraordinary gain on the settlement of
indebtedness 1,935 7,991
16,482
--------- ---------
- ---------
Adjusted Net income (loss) $ (11,175) $ 1,526 $
(6,556)
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=========
Weighted average number of common shares
issued and to be issued 8,336,640 7,064,015
6,911,571
Shares issuable upon conversion of subordinated
debentures - 481,170
- -
Shares issuable upon conversion of contingent
debentures - 107,000
- -
Shares issuable upon exercise of dilutive stock
options and warrants - net of shares assumed
to be repurchased (at the higher of period-end
market price or the average market price for
the period) from exercise proceeds - 387,243
- -
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Shares used for computation 8,336,640 8,039,428
6,911,571
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=========
Earnings per share of Common Stock:
Adjusted loss before gain on sale of
real estate $ (1.54) $ (.76) $
(3.27)
Gain on sale of real estate - -
- -
--------- ---------
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Loss from continuing operations (1.54) (.76)
(3.27)
Loss from discontinued operations (.03) (.04)
(.06)
Extraordinary gain on the settlement of
indebtedness .23 .99
2.38
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- ---------
Net income (loss) $ (1.34) $ .19 $
(.95)
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