1
EXHIBIT 11
COMPUTATION OF EARNINGS (LOSS) PER SHARE
For the Period Ending September 30, 1996:
Number
Weighted of days
Number Number Shares
of Shares of Shares Outstanding
--------- --------- -----------
JANUARY 1, 1996 TO MARCH 31, 1996
Shares at Beginning of Period 2,341,363 2,341,363
Shares Issued on February 3, 1996 6,500 4,143 58
--------- ---------
2,347,863 2,345,506
========= =========
APRIL 1, 1996 TO JUNE 30, 1996
Shares at Beginning of Period 2,347,863 2,347,863
Shares Issued Between April 1, 1996
and April 30, 1996 80,000 66,813 76
--------- ---------
2,427,863 2,414,676
========= =========
JULY 1, 1996 TO SEPTEMBER 30, 1996
Shares at Beginning of Period 2,427,863 2,427,863
Shares Issued September 9, 1996 30,000 7,174 22
--------- ---------
2,457,863 2,435,037
========= =========
WEIGHTED AVERAGE FOR PERIODS OUTSTANDING 2,398,406
COMMON SHARE EQUIVALENTS (INCREMENTAL AMOUNTS):
RESULTING FROM COMMON STOCK
ISSUED BELOW THE IPO PRICE 10,407
RESULTING FROM WARRANTS AND OPTIONS
ISSUED WITH EXERCISE PRICES BELOW
THE IPO PRICE 262,987
---------
Common shares and equivalents outstanding at September 30, 1996 2,671,800
=========
2
EXHIBIT 11
COMPUTATION OF EARNINGS (LOSS) PER SHARE
For the Period Ending December 31, 1995:
Number
Weighted of days
Number Number Shares
of Shares of Shares Outstanding
--------- --------- -----------
FROM AUGUST 2, 1995 TO SEPTEMBER 30, 1995
Shares issued to Founders on August 2, 1995 245,310 245,310
=========
OCTOBER 1, 1995 TO DECEMBER 31, 1995
Shares at Beginning of Period 245,310 245,310 91
Shares Issued on October 6, 1995 1,549,100 1,464,910 87
Shares Issued on November 8, 1995 142,276 83,510 54
Shares Issued on November 12, 1995 49,015 26,639 50
Shares Issued on November 12, 1995 5,333 2,897 50
Shares Issued on November 15, 1995 16,583 8,472 47
Shares Issued Between November 20, 1995
and December 31, 1995 333,746 58,043 16
--------- ---------
2,341,363 1,889,781
========= =========
WEIGHTED AVERAGE FOR PERIODS OUTSTANDING 1,067,546
COMMON SHARE EQUIVALENTS (INCREMENTAL AMOUNTS):
RESULTING FROM COMMON STOCK
ISSUED BELOW THE IPO PRICE 1,016,714
RESULTING FROM WARRANTS AND OPTIONS
ISSUED WITH EXERCISE PRICES BELOW
THE IPO PRICE 262,987
---------
Common shares and equivalents outstanding for the period
ending December 31, 1995 2,347,247
=========
3
BEVERAGE WORKS, INC
Computation of Incremental Shares and Warrants
December 31, 1995 and September 30, 1996
Shares
Number Purchased Weighted
Number of Days Price Proceeds Estimated Under Shares Incremental
of Shares Outstanding Per Share Received IPO Price SAB 83 Purchased Shares
----------------------------------------------------------------------------------------------------
(a) (b) (c) (c) x (a) = (e) (d) / (e) = (f) x (b) / (a) - (f)
(d) (f) days in period =
(g)
AUGUST 2, 1995 TO
SEPTEMBER 30, 1995
Shares issued to
founders* 245,310 245,310 0
---------
OCTOBER 1, 1995 TO
DECEMBER 31, 1995
Shares at the beginning
of the period 245,310
Shares issued
October 6, 1995 1,549,100 87 $0.05 $ 77,455 $6.00 12,909 12,208 1,536,191
Shares issued
November 8, 1995 142,276 54 3.11 442,478 6.00 73,746 43,286 68,530
Shares issued
November 12, 1995 5,333 50 4.00 21,332 6.00 3,555 1,932 1,778
Shares issued
November 12, 1995 49,015 50 3.00 147,045 6.00 24,508 13,320 24,507
Shares issued
November 15, 1995 16,583 47 3.47 57,543 6.00 9,591 4,899 6,992
Shares issued between
November 20, 1995 and
December 31, 1995 333,746 16 4.00 1,334,984 6.00 222,497 38,695 111,249
---------- ---------
359,650 1,749,247
---------- ---------
Average of shares purchased - treasury stock method 302,480
Incremental shares - treated as outstanding since August 2 ,1995 1,781,780
---------
2,084,260
Weighted average shares for period 1,067,546
---------
Incremental shares for the period ended December 31, 1995 1,016,714
=========
JANUARY 1, 1996 TO
MARCH 31, 1996
Shares outstanding
at the beginning
of the period 2,341,363
Shares issued
February 3, 1996 6,500 58 5.20 33,800 6.00 5,633 3,551 867
---------- --------
2,344,914
----------
APRIL 1, 1996 TO
JUNE 30, 1996
Shares at the beginning
of the period 2,344,914
and April 30 ,1996 80,000 76 4.00 320,000 6.00 53,333 44,058 26,667
---------
2,388,972
---------
JULY 1, 1996 TO
SEPTEMBER 30, 1996
Shares at the beginning
of the period 2,388,972
Shares issued
September 9, 1996 30,000 22 5.00 150,000 6.00 25,000 5,979 5,000
--------- ---------
2,394,951 32,534
--------- ---------
Average of shares purchased - treasury stock method 2,376,279 1,781,780
=========
Incremental shares - treated as outstanding since August 2 ,1995 32,534
---------
2,408,813
Weighted average shares for period 2,398,406
---------
Incremental shares for the period ended September 30, 1996 10,407
=========
* Such shares are not included in this calculation as these shares were issued
prior to the 12 months from the initial filing of the registration statement.
4
BEVERAGE WORKS, INC
Computation of Incremental Shares and Warrants
December 31, 1995 and September 30, 1996
Shares
Exercise Purchased
Number of Price Per Proceeds Estimated Under Incremental
Warrants Warrant Received IPO Price SAB 83 Shares
----------------------------------------------------------------------------------
(a) (c) (c) x (a) = (e) (d) / (e) = (a)- (f)
(d) (f)
Warrants issued October 31, 1995 15,583 $4.50 $ 70,124 $6.00 11,687 3,896
Warrants issued April 22, 1996 35,000 4.75 166,250 6.00 27,708 7,292
Options granted August 6, 1996 933,500 5.20 4,854,200 6.00 809,033 124,466
Options granted August 6, 1996 955,000 5.20 4,966,000 6.00 827,667 127,333
Unit Warrants issued September 9,
1996 * 15,000 7.00 --
-------
Incremental shares resulting from warrants and options
with exercise prices below the IPO price 262,987
=======
* such are excluded from the computation as such warrants were granted with an
exercise price greater than the IPO price