EXHIBIT 11
AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
[CAPTION]
Three Months Ended Nine Months Ended
July 31, July 31,
1994 1993 1994 1993
---- ---- ---- ----
Primary Earnings (Loss) Per Share:
1. Income (loss) from continuing
operations $(119,801) $ 602 $(172,716) $ 2,388
2. Less preferred dividends ( 416) - ( 416) -
--------- --------- ---------- ------
3. Income (loss) from continuing
operations applicable to
common shareholders (120,217) 602 (173,132) 2,388
4. Income (loss) from discontinued
operations - 1,388 (38,229) 2,956
5. Extraordinary item (8,000) - (8,000) -
--------- -------- --------- ------
6. Net income (loss) applicable
to common shareholders $(128,217) $ 1,990 $(219,361) $ 5,344
--------- -------- --------- ------
7. Weighted Average shares
Outstanding 28,710 24,813 26,210 24,814
--------- -------- --------- ------
8. Earnings (loss) per share from
continuing operations (3/7) $ (4.19) $ .02 $ (6.61) $ .10
9. Earnings (loss) per share from
discontinued operations (4/7) - .06 (1.46) .12
10. Loss per share on extraordinary
item (5/7) (.28) - (.30) -
--------- -------- --------- ------
11. Net income (loss) per share $ (4.47) $ .08 $ (8.37) $ .22
======== ======== ========= ======
Fully Diluted Earnings (Loss) Per Share:
12. Line 3. above $(120,217) $ 602 $(173,132) $ 2,388
13. Add back preferred dividends 416 - 416 -
14. Add back interest, net of tax,
on assumed conversion of the
Company's 8% Convertible
Debentures 2,300 2,300 6,900 6,900
--------- -------- -------- ------
15. Income (loss) from continuing
operations (117,501) 2,902 (165,816) 9,288
16. Income (loss) from discontinued
operations - 1,388 (38,229) 2,956
17. Extraordinary item (8,000) - (8,000) -
--------- ------- -------- ------
18. Net income (loss) $(125,501) $ 4,290 $(212,045) 12,244
--------- -------- -------- ------
19. Weighted average shares
outstanding (Line 7) 28,710 24,813 26,210 24,814
20. Add additional shares issuable
upon assumed conversion of
preferred shares from date of
issuance 2,452 - 826 -
21. Add additional shares issuable
upon assumed conversion of the
Company's 8%Convertible Debentures 3,833 3,833 3,833 3,833
--------- -------- -------- ------
22. Adjusted weighted average shares
outstanding 34,995 28,646 30,869 28,647
--------- -------- -------- ------
23. Earnings (loss) per share from
continuing operations (15/22)* $ (3.36) $ .10 $ (5.37) $ .33
24. Earnings (loss) per share from
discontinued operations (16/22) - .05 (1.24) .10
25. Loss per share from extraordinary
item (17/22) (.23) - (.26) -
--------- ------- -------- ------
25. Net income (loss) per share
(18/22)* $ (3.59) $ .15 $ (6.87) $ .43
========= ======= ======== =======
* Fully diluted earnings (loss) per share are not presented as the assumed
conversion of the Company's Convertible Preferred and Convertible Debentures
is anti-dilutive.