EXHIBIT 11
M. H. MEYERSON & CO., INC.
STATEMENT OF EARNINGS PER SHARE
Year ended January 31, 1998
Shares outstanding during the year ended January 31, 1998:
4,993,335 shares from February 1 to February 12, 19997 12 days 59,920,020
4,995,335 shares from February 13 to February 24, 1997 12 days 59,944,020
5,000,335 shares from February 25 to April 1, 1997 36 days 180,012,060
5,030,335 shares from April 2 to May 22, 1997 51 days 256,547,085
5,035,335 shares from May 23 to August 13, 1997 83 days 417,932,805
5,042,835 shares from August 14, 1997 to January 12, 1998 152 days 766,510,920
5,047,835 shares from January 13 to January 31, 1998 19 days 95,908,865
-------------------------
365 1,836,775,775
=========================
1,836,775,775 shares divided by 365 days = 5,032,262 average shares outstanding.
Loss year ended January 31, 1998 = $(1,719,464)
Basic and diluted loss per share = $(1,719,464)/5,032,262 = $(0.34)
Calculation of equivalent shares was not included as it would be anti-dilutive.
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M. H. MEYERSON & CO., INC.
STATEMENT OF EARNINGS PER SHARE (CONT.)
Year ended January 31, 1999
Shares outstanding during the year ended January 31, 1999:
5,047,835 shares from February 1 to February 25, 1998 25 days 126,195,875
5,055,335 shares from February 26 to January 19, 1999 327 days 1,653,094,545
5,090,335 shares from January 20 to January 31, 1999 13 days 66,174,355
-----------------------------
365 1,845,464,775
=============================
1,845,464,775 shares divided by 365 days = 5,056,068 average shares outstanding.
Earnings year ended January 31, 1999 = $236,449
Basic earnings per share = $236,449/5,056,068 = $0.05
Equivalent shares using the modified treasury stock method:
Options assumed exercised:
576,000 options, exercise price $1.00 576,000
205,000 options, exercise price 1.10 225,500
725,000 options, exercise price 2.25 1,631,250
200,000 options, exercise price 2.1875 437,500
45,000 options, exercise price 1.96875 88,594
40,000 options, exercise price 1.375 55,000
--------------
1,791,000 3,013,844
- -1,303,284 shares assumed to be purchased (3,013,844)
--------------
487,716 0
==============
Total weighted average outstanding shares:
5,056,068 + 487,716 = 5,543,784.
Earnings year ended January 31, 1999 = $236,449.
Diluted earnings per share = $236,449 / 5,543,784 = $0.04.
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M. H. MEYERSON & CO., INC.
STATEMENT OF EARNINGS PER SHARE (CONT.)
Year ended January 31, 2000
Shares outstanding during the year ended January 31, 2000:
5,090,335 shares from February 1 to February 4, 1999 4 days 20,361,340
5,340,335 shares from February 5 to February 10, 1999 6 days 32,042,010
5,490,335 shares from February 11 to February 23, 1999 13 days 71,374,355
5,510,335 shares from February 24 to February 24, 1999 1 day 5,510,355
5,525,335 shares from February 25 to March 30, 1999 34 days 187,861,390
5,527,335 shares from March 31 to April 7, 1999 8 days 44,218,680
5,532,335 shares from April 8 to April 11, 1999 4 days 22,129,340
6,032,335 shares from April 12 to May 17, 1999 36 days 217,164,060
6,037,335 shares from May 18 to May 26, 1999 9 days 54,336,015
6,042,335 shares from May 27 to May 27, 1999 1 day 6,042,335
6,043,335 shares from May 28 to May 31, 1999 4 days 24,173,340
6,204,815 shares from June 1 to June 3, 1999 3 days 18,614,445
6,209,815 shares from June 4 to June 16, 1999 13 days 80,727,595
6,214,815 shares from June 17 to June 22, 1999 6 days 37,288,890
6,219,815 shares from June 23 to July 21, 1999 29 days 180,374,635
6,221,815 shares from July 22 to August 2, 1999 12 days 74,661,780
6,241,815 shares from August 3 to August 3, 1999 1 day 6,241,815
6,291,815 shares from August 4 to August 9, 1999 6 days 37,750,890
6,346,815 shares from August 10 to August 10, 1999 1 day 6,346,815
6,356,815 shares from August 11 to August 11, 1999 1 day 6,356,815
6,371,815 shares from August 12 to August 18, 1999 7 days 44,602,705
6,374,815 shares from August 19 to September 2, 1999 15 days 95,622,225
6,384,815 shares from September 3 to October 4, 1999 32 days 204,314,080
6,386,815 shares from October 5 to October 6, 1999 2 days 12,773,630
6,396,815 shares from October 7 to October 19, 1999 13 days 83,158,595
6,402,815 shares from October 20 to November 17, 1999 29 days 185,681,635
6,442,815 shares from November 18 to December 20, 1999 33 days 212,612,895
6,455,315 shares from December 21, 1999 to January 13, 2000 24 days 154,927,560
6,497,815 shares from January 14 to January 30, 2000 17 days 110,462,855
6,507,815 shares from January 31 to January 31, 2000 1 day 6,507,815
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-------------------------
365 days 2,244,240,875
=========================
2,244,240,875 shares divided by 365 days = 6,148,605 average shares outstanding.
Earnings year ended January 31, 2000 = $3,043,622
Basic earnings per share = $3,043,622/6,148,605 = $0.50
Equivalent shares using the modified treasury stock method:
Options assumed exercised:
114,091 options, exercise price $1.10 125,500.10
15,000 options, exercise price $1.96875 29,531.25
159,429 options, exercise price $2.1875 348,750.94
627,500 options, exercise price $2.25 1,411,875.00
10,000 options, exercise price $2.4375 24,375.00
12,500 options, exercise price $2.5 31,250.00
5,000 options, exercise price $3.5 17,500.00
25,000 options, exercise price $4.43 110,750.00
968,520 2,099,532.29
- -466,563 shares assumed to be repurchased (2,099,532.29)
501,957 0.00
Total weighted average outstanding shares:
6,148,605 + 501,957 = 6,650,562.
Earnings year ended January 31, 2000 = $236,449.
Diluted earnings per share = $3,043,622 / 6,650,562 = $0.46.
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