EXHIBIT 11
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DVL, Inc. and Subsidiaries
Computation of Per Share Data
(in thousands except share data)
December 31,
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1996 1995 1994
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Loss before gain on sales of real estate $ (4,471) $ (5,780) $ (12,896)
Gain on sales of real estate to affiliates - - 9
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Loss from continuing operations (4,471) (5,780) (12,887)
Loss from discontinued operations - - (223)
Extraordinary gain on the settlement of
indebtedness 8,349 7,900 1,935
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Net income (loss) $ 3,878 $ 2,120 $ (11,175)
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Weighted average number of common shares
issued and to be issued 14,339,975 9,980,565 8,336,640
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 1,401,443 - -
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Shares used for computation 15,741,418 9,980,565 8,336,640
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Earnings per share of Common Stock:
Loss from continuing operations $ (.28) $ (.58) $ (1.54)
Loss from discontinued operations - - (.03)
Extraordinary gain on the settlement of
indebtedness .53 .79 .23
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Net income (loss) $ .25 $ .21 $ (1.34)
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