EXHIBIT 11
DVL, INC. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
(unaudited)
Three Months Ended
March 31,
------------------------
1995 1994
--------- ---------
Primary:
Loss before gain on sale of real estate $ (1,071) $ (741)
Gain on sales of real estate to affiliates - 2
--------- ---------
Income from continuing operations (1,071) (739)
Loss from discontinued operations - 11
Extraordinary gain on the settlement of
indebtedness 1,802 1,110
--------- ---------
Net income $ 731 $ 382
========= =========
Weighted average number of common shares
outstanding issued and to be issued 8,551,967 8,103,043
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 - 308,800
--------- ---------
Shares used for computation 8,551,967 8,411,843
========= =========
Earnings per share of Common Stock:
Loss before gain on sale of real estate $ (.12) $ (.08)
Gain on sales of real estate to affiliates - -
--------- ---------
Loss from continuing operations (.12) (.08)
Income from discontinued operations - -
Extraordinary gain on the settlement of
indebtedness .21 .13
--------- ---------
Net income $ .09 $ .05
========= =========
18
EXHIBIT 11 (continued)
DVL, INC. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
(unaudited)
Three Months Ended
March 31,
------------------------
1995 1994
--------- ---------
Assuming Full dilution:
Loss before gain on sales of real estate $ (1,071) $ (741)
Adjustment for reduction in interest on
assumed payment of indebtedness 42 -
Adjustment for reduction in interest on
assumed conversion of debentures 21 16
--------- ---------
Adjusted loss before gain on sale of real estate (1,008) (725)
Gain on sale of real estate - 2
--------- ---------
Adjusted loss from continuing operations (1,008) (723)
Loss from discontinued operations - 11
Extraordinary gain on the settlement of
indebtedness 1,802 1,110
--------- ---------
Adjusted net income $ 794 $ 398
========= =========
Weighted average number of common shares
outstanding issued and to be issued 8,551,967 8,103,043
Shares issuable upon conversion of subordinated
debentures 607,051 494,252
Shares issuable upon conversion of contingent
debentures 107,000 107,000
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 219,346 391,600
--------- ---------
Shares used for computation 9,485,364 9,095,895
========= =========
Earnings per share of Common Stock:
Loss before gain on sale of real estate $ (.11) $ (.08)
Gain on sale of real estate - -
--------- ---------
Loss from continuing operations (.11) (.08)
Income from discontinued operations - -
Extraordinary gain on the settlement of
indebtedness .19 .12
--------- ---------
Net income $ .08 $ .04
========= =========
19