U.S. GLOBAL INVESTORS, INC.
EXHIBIT 11
SCHEDULE OF COMPUTATION OF NET EARNINGS PER SHARE
Year Ended June 30,
1996 1995 1994
----------- ----------- -----------
Earnings (loss) before cumulative effect
of change in accounting .............................$ 1,987,067 $(3,890,718) $ 949,640
Cumulative effect of change in accounting ............... -- 43,284 200,420
----------- ----------- -----------
Net earnings ............................................$ 1,987,067 $(3,847,434) $ 1,150,060
=========== =========== ===========
Primary
Weighted average number shares outstanding
during the year ..................................... 6,562,830 6,013,393 5,315,862
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 ............ 38,244 -- 546,631
----------- ----------- -----------
Weighted average number of shares used in
calculation of primary earnings per share ....... 6,601,074 6,013,393 6,012,151
=========== =========== ===========
Primary earnings (loss) per share
Net earnings before cumulative effect
of change in accounting ..........................$ 0.30 $ (0.65) $ 0.16
Cumulative effect of change in accounting ........... -- 0.01 0.03
----------- ----------- -----------
Net Earnings Per Share ..............................$ 0.30 $ (0.64) $ 0.19
=========== =========== ===========
Fully Diluted
Weighted average number of shares outstanding
during the year ..................................... 6,562,830 6,013,393 5,315,862
Add:
Common stock equivalent shares (determined
using the "treasury stock" method)
representing shares issuable upon exercise
of Preferred or Common stock warrants ........... -- -- 90,808
Common stock equivalent shares (determined
using the "treasury stock" method)
representing shares issuable upon exercise
of Preferred or common stock options ............ 38,244 -- 478,697
----------- ----------- -----------
Weighted average number of shares used
in calculation of fully diluted earnings
per share ....................................... 6,601,074 6,013,393 5,885,367
=========== =========== ===========
Fully diluted earnings (loss) per share
Net earnings before cumulative effect
Of change in accounting .........................$ 0.30 $ (0.65) $ 0.16
Cumulative effect of change in accounting .......... -- 0.01 0.03
----------- ----------- -----------
Net Earnings Per Share ..........................$ 0.30 $ (0.64) $ 0.19
=========== =========== ===========