Exhibit 11
The Advest Group, Inc. and Subsidiaries
Computation of Net Income (Loss) Per Common Share
For the years ended September 30,
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Assuming
(Primary) Full dilution*
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(In thousands, except per share amounts)
1995 1994 1993 1995 1993
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Income before
extraordinary credit $6,351 $3,053 $5,168 $6,351 $5,168
Interest on convertible debentures
outstanding during the period, net
of tax and other
related expenses -- -- -- 1,001 1,105
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6,351 3,053 5,168 7,352 6,273
Extraordinary credit -- -- 2,103 -- 2,103
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Net income applicable to common
stock and other dilutive
securities $6,351 $3,053 $7,271 $7,352 $8,376
Average number of common shares
outstanding during the
period 8,501 8,776 9,248 8,501 9,248
Additional shares assuming:
Exercise of stock options 234 221 -- 270 258
Conversion of debentures -- -- -- 1,527 1,591
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Average number of common and
common equivalent shares used
to calculate net income per
common share 8,735 8,997 9,248 10,298 11,097
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Income per common and
common equivalent share:
Income before extraordinary
credit $ 0.73 $ 0.34 $ 0.56 $ 0.71$ 0.56
Extraordinary credit -- -- 0.23 -- 0.19
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Net income $ 0.73 $ 0.34 $ 0.79 $ 0.71$ 0.75
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* For the year ended September 30, 1994, net income per share
assuming full dilution is the
same as primary net income per share.
30