EXHIBIT 11
UNIVERSAL HEIGHTS, INC.
Statement Regarding the Computation of Per Share Income
The following table reconciles the numerator (earnings) and denominator (shares)
of the basic and diluted earnings per share computations for net income for the
quarters ended June 30, 1999 and 1998.
Six Months Ended Six Months Ended
JUNE 30, 1999 JUNE 30, 1998
---------------- ----------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------ ------ ---------
Net income $1,059,665 $1,547,516
Less: Preferred
stock dividends (24,976) ---
Income available ---------- ----------
to common stockholders 1,034,689 14,673,000 $ 0.07 $1,547,516 14,676,000 $0.11
========= =========
Effect of dilutive securities:
Stock options and warrants --- 529,000 --- --- 2,539,000 (0.02)
Preferred stock 24,976 568,000 --- --- 568,000 ---
------- ---------- --------- ------------ ----------- ---------
Income available to common
stockholders and assumed
conversion $1,059,665 15,770,000 $ 0.07 $1,547,516 17,783,000 $0.09
========== ========== ========= ========== ========== =========
Options and warrants totaling 9,999,000 and 5,066,000 were excluded from the
calculation of diluted earnings per share as their effect was anti-dilutive for
the six months ended June 30, 1999 and 1998.
Three Months Ended Three Months Ended
JUNE 30, 1999 JUNE 30, 1998
---------------- ----------------
Income Income
Available Available
to Common Per-Share to Common Per-Share
Stockholders Shares Amount Stockholders Shares Amount
------------ ------ --------- ------------ ------ ---------
Net income $ 540,556 $1,174,685
Less: Preferred
stock dividends (12,488) ---
Income available ---------- ----------
to common stockholders 528,068 14,673,000 $ 0.04 $1,174,685 14,680,000 $0.08
========= =========
Effect of dilutive securities
Stock options and warrants --- 613,000 (0.01) --- 2,539,000 (0.01)
Preferred stock 12,488 568,000 --- --- 568,000 ---
------- ---------- --------- ------------ ----------- ---------
Income available to common
stockholders and assumed
conversion $ 540,556 15,854,000 $ 0.03 $1,174,685 17,787,000 $0.07
========== ========== ========= ========== ========== =========
Options and warrants totaling 9,915,000 and 5,066,000 were excluded from the
calculation of diluted earnings per share as their effect was anti-dilutive for
the six months ended June 30, 1999 and 1998.