EXHIBIT 11
AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
Three Months Ended Six Months Ended
April 30, April 30,
1994 1993 1994 1993
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Primary Earnings (Loss) Per Share:
1. Income (loss) from continuing
operations $(18,747) $ 1,507 $(52,915) $ 1,786
2. Income (loss) from discontinued
operations (35,000) 1,468 (38,229) 1,568
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3. Net income (loss) $(53,747) $ 2,975 $(91,144) $ 3,354
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4. Weighted average shares
outstanding 25,065 24,812 24,940 24,814
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5. Earnings (loss) per share from
continuing operations (1/4) $ (.74) $ .06 $ (2.12) $ .07
6. Earnings (loss) per share from
discontinued operations (2/4) (1.40) .06 (1.53) .07
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7. Net income (loss)
per share (3/4) $ (2.14) $ .12 $ (3.65) $ .14
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Fully Diluted Earnings (Loss) Per Share:
8. Line 1. above $(18,747) $ 1,507 $(52,915) $ 1,786
9. Add back interest, net of tax on
assumed conversion of the Company's
8% Convertible Debentures 2,300 2,300 4,600 4,600
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10. Adjusted income (loss) from
continuing operations (16,447) 3,807 (48,315) 6,386
11. Income (loss) from discontinued
operations (35,000) 1,468 (38,229) 1,568
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12. Adjusted net income (loss) $(51,447) $ 5,275 $(86,544) $ 7,954
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13. Weighted average shares
outstanding (Line 4) 25,065 24,812 24,940 24,814
14. Add additional shares issuable
upon assumed conversion of the
Company's 8% Convertible
Debentures 3,833 3,833 3,833 3,833
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15. Adjusted weighted average shares
outstanding 28,898 28,645 28,773 28,647
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16. Earnings (loss) per share from
continuing operations (10/15) $ (.57) $ .13 $ (1.68) $ .22
17. Earnings (loss) per share from
discontinued operations (11/15) (1.21) .05 (1.33) .05
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18. Net income (loss) per
share (12/15)* $ (1.78) $ .18 $ (3.01) $ .27
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* Fully diluted earnings (loss) per share are not presented as
the assumed conversion of the Company's 8%
Convertible Debentures is anti-dilutive.