EXHIBIT 11
JENNA LANE, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
Three Months Ended Nine Months Ended
December 31, December 31,
------------------------ ------------------------
1997 1996 1997 1996
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Basic Earnings Per Share:
Net income (loss) $ (286,374) $ (72,962) $ 249,387 $ 117,106
Deduct dividends on preferred shares -- 25,000 -- 75,000
----------- ---------- ----------- -----------
Net income (loss) applicable to common stock $ (286,374) $ (97,962) $ 249,387 $ 42,106
=========== ========== =========== ===========
Weighted average number of shares outstanding 4,290,000 2,047,619 4,290,000 2,006,019
=========== ========== =========== ===========
Basic earnings (loss) per share $ (0.07) $ (0.05) $ 0.06 $ 0.02
=========== ========== =========== ===========
Diluted Earnings Per Share:
Net income (loss) $ 249,387 $ 42,106(b)
=========== ===========
Weighted average number of shares outstanding 4,290,000 2,006,019
Plus: Incremental shares from assumed conversions:
Options 177,281 20,000
Warrants 585,425 --
Convertible preferred stock -- -- (b)
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Adjusted Weighted Average Shares 5,052,706 2,026,019
=========== ===========
Diluted earnings per share N/A (a) N/A (a) $ 0.05 $ 0.02
=========== ===========
<FN>
(a) Pursuant to paragraphs 13 and 16 of Statement of Financial
Accounting Standards No. 128 this calculation is omitted
because it produces an antidilutive result due to the net loss.
(b) Diluted EPS would increase when convertible preferred
stock is included in the computation, therefore, those
convertible preferred shares are anti-dilutive and are
ignored in the computation of diluted EPS.
</FN>