EXHIBIT 11
DVL, INC. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
(unaudited)
Three Months Ended
March 31,
-------------------------
1996 1995
---------- ---------
Primary:
Loss before extraordinary gain $ (698) $ (1,071)
Extraordinary gain on the settlement of
indebtedness 1,046 1,802
---------- ---------
Net income $ 348 $ 731
========== =========
Weighted average number of common shares
outstanding issued and to be issued 13,764,824 8,551,967
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 - -
---------- ---------
Shares used for computation 13,764,824 8,551,967
========== =========
Earnings per share of Common Stock:
Loss before extraordinary gain $ (.05) $ (.12)
Extraordinary gain on the settlement of
indebtedness .08 .21
---------- ---------
Net income $ .03 $ .09
========== =========
16
EXHIBIT 11 (continued)
DVL, INC. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
(unaudited)
Three Months Ended
March 31,
-------------------------
1996 1995
---------- ---------
Assumming full dilution:
Loss before extraordinary gain $ (698) $ (1,071)
Adjustment for reduction in interest on
assumed payment of indebtedness - 42
Adjustment for reduction in interest on
assumed conversion of debentures - 21
---------- ---------
Adjusted loss before extraordinary gain (698) (1,008)
Extraordinary gain on the settlement of
indebtedness 1,046 1,802
---------- ---------
Adjusted net income $ 358 $ 794
========== =========
Weighted average number of common shares
outstanding issued and to be issued 13,764,824 8,551,967
Shares issuable upon conversion of subordinated
debentures - 607,051
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 - 219,346
---------- ---------
Shares used for computation 13,764,824 9,485,364
========== =========
Earnings per share of Common Stock:
Loss before extraordinary gain $ (.05) $ (.11)
Extraordinary gain on the settlement of
indebtedness .08 .19
---------- ---------
Net income $ .03 $ .08
========== =========
17