EXHIBIT 11
ALL AMERICAN FOOD GROUP, INC. (FORMERLY JUTLAND FOOD GROUP, INC.) AND
SUBSIDIARIES SCHEDULE OF COMPUTATION OF NET LOSS PER SHARE
Nine Months
Year Ended Ended
Nine Months Ended July 31, October 31, October 31,
-------------------------- ------------ -----------
Primary 1997 1996 1996 1995
------- ---- ---- ---- ----
Net Loss ($2,785,564) ($1,204,571) ($1,973,592) ($1,151,545)
Loss - increase in carrying amount
of redeemable preferred stock (42,373) (714,426) 562,678 --
----------- ----------- ----------- -----------
(2,872,937) ($1,918,997) ($2,536,270) ($1,151,545)
=========== =========== =========== ===========
Weighted average number of common
shares outstanding 3,091,402 943,150 943,150 943,150
Add - common shares (determined
using the "treasury stock" (method)
representing additional shares (1)
as if those shares were outstanding
for all periods) -- 430,558 430,558 430,558
----------- ----------- ----------- -----------
Weighted average number of shares
used in calculation of primary
loss per share 3,091,402 1,373,708 1,373,708 1,373,708
=========== =========== =========== ===========
Primary net loss per common shares ($0.91) ($1.40) ($1.85) ($0.84)
=========== =========== =========== ===========
FULLY DILUTED
-------------
Net loss for primary loss per common
shares and for fully diluted per
share amounts (2,872,937) ($1,918,997) ($2,536,270) ($1,151,545)
=========== =========== =========== ===========
Weighted average number of shares
used in calculating primary loss
per share 3,901,402 1,373,708 1,373,708 1,373,708
Add incremental shares representing:
Shares issuable upon conversion
of convertible preferred stock 465,202 712,500 712,500 713,782
Shares issuable upon exercise of
stock options 15,000 15,000 15,000 15,000
----------- ----------- ----------- -----------
Weighted average number of shares
used in calculation of fully
diluted loss per share 3,571,604 2,101,208 2,101,208 2,102,490
=========== =========== =========== ===========
Fully diluted net loss per common
share ($0.79) ($0.91) ($1.21) ($0.55)
=========== =========== =========== ===========
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(1) Additional shares represent the number of shares and options issued within
the twelve months prior to the company filing a registration statement on May 3,
1996 for an initial public offering (IPO) that were issued for consideration per
share or at an exercise price per share less than the IPO price of $3.50 per
share.