EXHIBIT 11
UNITED SERVICES ADVISORS, INC.
EXHIBIT 11
SCHEDULE OF COMPUTATION OF NET EARNINGS PER SHARE
YEAR ENDED JUNE 30,
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1995 1994 1993
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Earnings (loss) before extraordinary item ............................................ $(3,890,718) $ 949,640 $ 57,559
Extraordinary item ................................................................... -- -- 33,907
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Cumulative effect of change in accounting ............................................ 43,284 200,420 --
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Net earnings ......................................................................... $(3,847,434) $ 1,150,060 $ 91,466
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PRIMARY
Weighted average number shares outstanding
during the year .................................................................. 6,013,393 5,315,862 4,969,449
Add:
Common stock equivalent shares (determined using the "treasury stock"
method) representing shares issuable upon exercise
of Preferred or Common stock warrants .......................................... -- 149,658 --
Common stock equivalent shares (determined
using the "treasury stock" method)
representing shares issuable upon exercise
of Preferred or common stock options ........................................... -- 546,631 423,247
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Weighted average number of shares used in
calculation of primary earnings per share ...................................... 6,013,393 6,012,151 5,392,696
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Primary earnings (loss) per share
Net earnings before extraordinary item ........................................... $ (0.65) $ 0.16 $ 0.01
Extraordinary item ............................................................... -- 0.00 0.01
Cumulative effect of change in accounting ........................................ 0.01 0.03 0.00
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Net Earnings Per Share ........................................................... $ (0.64) $ 0.19 $ 0.02
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FULLY DILUTED
Weighted average number of shares outstanding
during the year .................................................................. 6,013,393 5,315,862, 4,969,449
Add:
Common stock equivalent shares (determined using the "treasury stock"
method) representing shares issuable upon exercise
of Preferred or Common stock warrants .......................................... -- 90,808 73,265
Common stock equivalent shares (determined
using the "treasury stock" method)
representing shares issuable upon exercise
of Preferred or common stock options ........................................... -- 478,697 725,583
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Weighted average number of shares used
in calculation of fully diluted earnings
per share ...................................................................... 6,013,393 5,885,367 5,768,297
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Fully diluted earnings (loss) per share
Net earnings before extraordinary item ........................................... $ (0.65) $ 0.16 $ 0.01
Extraordinary item ............................................................... 0.00 0.00 0.01
Cumulative effect of change in accounting ........................................ 0.01 0.03 0.00
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Net Earnings Per Share ......................................................... $ (0.64) $ 0.19 $ 0.02
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