EXHIBIT 11
FLAGSTAR COMPANIES, INC.
Computation of Earnings (Loss) per Share
(In Thousands Except Per Share Amounts)
(Unaudited)
Three Months Ended
September 30, September 30,
1994 1993
Primary Primary(B)
Adjustment of common and equivalent shares:
Average number of common shares
outstanding before adjustments 42,369 42,369
Assumed exercise of stock warrants
and options --- ---
Conversion of convertible securities --- ---
Conversion of preferred stock --- ---
Total average outstanding and equivalent
common shares 42,369 42,369
Adjustment of net income(loss):
Income(loss) from continuing operations(A) $ 707 $(21,892)
Interest on senior debt, net of income taxes --- ---
Interest on convertible debentures, net of
income taxes --- ---
Dividends on preferred stock --- ---
Income(loss) on continuing operations
applicable to common stock 707 (21,892)
Income(loss) from discontinued operations,
net 19,269 11,644
Extraordinary items, net of income taxes --- (16,159)
Cumulative effect of change in accounting
principle, net of income taxes --- ---
Adjusted net income(loss) applicable to
common stockholders $ 19,976 $(26,407)
Earnings(loss) per common share:
On continuing operations $ .02 $ (0.51)
On discounted operations, net .45 .27
On extraordinary items, net --- (0.38)
On cumulative effect of change in
accounting principle, net --- ---
On net income(loss) $ 0.47(C) (0.62)
(A) After deduction of the dividends on preferred stock for the respective
periods.
(B) The computations of fully diluted earnings per share are anti-dilutive; as
such, fully diluted earnings per share is not presented for such period.
(C) The third quarter 1994 computation of fully diluted earnings per share is
$0.46 per share; as the difference from primary earnings per share does
not exceed three percent the fully diluted amounts are not presented.
Note: The Company uses the modified treasury stock method in its computation of
earnings(loss) per share.
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FORM 10-Q
EXHIBIT 11
FLAGSTAR COMPANIES, INC.
Computation of Earnings (Loss) per Share
(In Thousands Except Per Share Amounts)
(Unaudited)
Nine Months Ended
Sept. 30, Sept. 30, Sept. 30,
1994 1994 1993
Primary Fully Primary (B)
Diluted
Adjustment of common and equivalent shares:
Average number of common shares
outstanding before adjustments 42,369 42,369 42,370
Assumed exercise of stock warrants and
options 9,914 9,914 ---
Conversion of convertible securities --- 4,136 ---
Conversion of preferred stock --- 8,562 ---
Total average outstanding and equivalent
common shares 52,283 64,981 42,370
Adjustment of net income(loss):
Income(loss) from continuing
operations(A) $ (31,920)$(31,920) $55,938)
Interest on senior debt, net of
income taxes 17,897 17,897 ---
Interest on convertible debentures, net of
income taxes --- 7,296 ---
Dividends on preferred stock --- 10,631 ---
Income(loss) on continuing operations
applicable to common stock (14,023) 3,904 (55,938)
Income(loss) from discontinued
operations 383,355 383,355 (3,321)
Extraordinary items, net of income
taxes (10,822) (10,822) (16,240)
Cumulative effect of change in accounting
principle, net of income taxes --- --- (7,441)
Adjusted net income(loss) applicable to
common stockholders $ 358,510 $376,437 $(82,940)
Earnings(loss) per common share:
On continuing operations $ (0.27)$ 0.06 $ (1.32)
On discounted operations, net 7.33 5.90 (0.08)
On extraordinary items, net (0.21) (0.17) (0.38)
On cumulative effect of change in
accounting principle, net --- --- (0.18)
On net income(loss) $ 6.85 $ 5.79 $ (1.96)
(A) After deduction of the dividends on preferred stock for the respective
periods.
(B) The calculations of fully diluted earnings per share are
anti-dilutive; as such, fully diluted earnings per share is not
presented for such period.
Note: The Company uses the modified treasury stock method in its computation
of earnings(loss) per share.
17