EXHIBIT 11
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DVL, Inc. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
December 31,
---------------------------------
1995 1994 1993
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Primary:
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Loss before gain on sales of real estate $ (5,780) $ (12,896) $ (6,178)
Gain on sales of real estate to affiliates - 9 15
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Loss from continuing operations (5,780) (12,887) (6,163)
Loss from discontinued operations - (223) (367)
Extraordinary gain on the settlement of
indebtedness 7,900 1,935 7,991
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Net income (loss) $ 2,120 $ (11,175) $ 1,461
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Weighted average number of common shares
issued and to be issued 9,980,565 8,336,640 7,064,015
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 9,980,565 8,336,640 7,403,407
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Earnings per share of Common Stock:
Loss before gain on sale of real estate $ (.58) $ (1.54) $ (.83)
Gain on sales of real estate to affiliates - - -
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Loss from continuing operations (.58) (1.54) (.83)
Loss from discontinued operations - (.03) (.05)
Extraordinary gain on the settlement of
indebtedness .79 .23 1.08
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Net income (loss) $ .21 $ (1.34) $ .20
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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,
---------------------------------
1995 1994 1993
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Assuming full dilution:
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Loss before gain on sale of real estate $ (5,780) $ (12,896) $ (6,178)
Adjustment for reduction in interest on
assumed conversion of debentures - - 65
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Adjusted loss before gain on sale of real
estate (5,780) (12,896) (6,113)
Gain on sale of real estate - 9 15
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Adjusted loss from continuing operations (5,780) (12,887) (6,098)
Loss from discontinued operations - (223) (367)
Extraordinary gain on the settlement of
indebtedness 7,900 1,935 7,991
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Adjusted Net income (loss) $ 2,120 $ (11,175) $ 1,526
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Weighted average number of common shares
issued and to be issued 9,980,565 8,336,640 7,064,015
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 9,980,565 8,336,640 8,039,428
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Earnings per share of Common Stock:
Adjusted loss before gain on sale of
real estate $ (.58) $ (1.54) $ (.76)
Gain on sale of real estate - - -
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Loss from continuing operations (.58) (1.54) (.76)
Loss from discontinued operations - (.03) (.04)
Extraordinary gain on the settlement of
indebtedness .29 .23 .99
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Net income (loss) $ .21 $ (1.34) $ .19
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