EXHIBIT 11
AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
Three Months Ended Nine Months Ended
July 31, July 31,
1996 1995 1996 1995
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Primary Earnings (Loss) Per Share:
1. Net income (loss) $ (458) $ 105 $ (4,708) $ (10,869)
2. Less preferred dividends (825) (825) (2,475) (2,475)
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3. Net loss applicable to common
shareholders (1,283) (720) (7,183) (13,344)
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4. Weighted average shares
outstanding 32,018 32,018 32,018 32,018
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5. Net loss per share $ (.04) $ (.02) $ (.22) $ (.42)
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Fully Diluted Earnings (Loss) Per Share:
6. Line 3. above $ (1,283) $ (720) $ (7,183) $ (13,344)
7. Add back preferred dividends 825 825 2,475 2,475
8. Add back interest, on assumed
conversion of the Company's
8% Convertible Debentures 2,300 2,300 6,900 6,900
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9. Net income (loss) $ 1,842 $ 2,405 $ 2,192 $(3,969)
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10. Weighted average shares
outstanding (Line 4) 32,018 32,018 32,018 32,018
11. Add additional shares issuable
upon assumed conversion of
preferred shares 4,800 4,800 4,800 4,800
12. 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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13. Adjusted weighted average shares
outstanding 40,651 40,651 40,651 40,651
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14. Net income (loss) per share
(9/13)* $ .05 $ .06 $ .05 $ (.10)
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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.