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EXHIBIT 11
TECHNICLONE CORPORATION
COMPUTATION OF NET INCOME (LOSS) PER SHARE
Year Ended April 30,
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1997 1996 1995
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NET LOSS PER SHARE:
Net Loss Attributable to Common Stock $(33,725,766) $(5,562,664) $(6,911,635)
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Weighted average number of common shares
outstanding(1) 21,429,858 18,466,359 15,794,811
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Net (loss) per share $ (1.57) $ (.30) $ (.44)
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CALCULATION OF NET LOSS PER SHARE
ASSUMING INCLUSION OF COMMON
STOCK EQUIVALENTS:
Net Loss Attributable to Common Stock $(33,725,766) $(5,562,664) $(6,911,635)
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Weighted average number of common
shares outstanding(1) 21,429,858 18,466,359 15,794,811
Common equivalent shares assuming
issuance of shares represented by
outstanding stock options and
warrants(3) 1,673,849 1,852,300 1,339,842
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Weighted average number of common
and common equivalent shares
outstanding 23,103,707 20,318,659 17,134,653
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Net (loss) per share(2) $ (1.46) $ (.27) $ (0.40)
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CALCULATION OF FULLY DILUTED NET INCOME
(LOSS) PER SHARE, ASSUMING CONVERSION
OF PREFERRED STOCK AT THE BEGINNING
OF THE RESPECTIVE YEAR:
Net Loss Attributable to Common
Stock $(33,725,766) $(5,562,664) $(6,911,635)
Dividend accretion on Class B and
Class C Preferred Stock 544,481 560,467
Accretion of Class B Preferred Stock
discount 5,327,495
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Adjusted net income (loss) assuming
conversion of Class B and Class C
Preferred Stock at beginning of year $(33,181,285) $ 325,298 $(6,911,635)
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Weighted average number of common shares
outstanding(1) 21,429,858 18,466,359 15,794,811
Common equivalent shares assuming
issuance of shares represented by
outstanding stock options and
warrants(3) 1,673,849 1,852,300 1,339,842
Common equivalent shares assuming
conversion of convertible debt and
issuance of shares upon conversion of
preferred stock(4) 1,119,864 1,342,946 573,000
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Weighted average number of common and
common equivalent shares outstanding 24,223,571 21,661,605 17,707,653
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Net income (loss) per share(2) $ (1.37) $ .02 $ (.39)
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(1) The weighted average number of common shares outstanding during each of the
periods was calculated by dividing the sum of each days actual shares
outstanding by the number of days in the year.
(2) As the indicated calculations result in the dilution of the loss per common
share or income per common share (i.e: antidilutive), the amounts were not
presented in the accompanying financial statements.
(3) Amounts represent the incremental shares that would have to be issued for
outstanding stock options and warrants utilizing the treasury stock method.
(4) Amounts were calculated assuming conversion of convertible notes payable
(1995) or preferred stock at the beginning of the year or at the issuance
date, if later (1996 and 1997). Additionally, the stock was assumed to be
converted rather than redeemed, as it is the Company's intention not to
redeem the preferred stock for cash. The preferred stock is not considered a
common stock equivalent.