EXHIBIT 11.1
EARTH AND OCEAN SPORTS, INC.
STATEMENT RE: EARNINGS PER SHARE
YEAR ENDED YEAR ENDED YEAR ENDED THREE MONTHS ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, JANUARY 31,
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1994 1995 1996 1996 1997
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Net income (loss) $ 36,700 $ 58,400 $ (290,674) $ (337,500) $ (321,026)
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Weighted average common shares
outstanding 1,263,431 1,263,431 1,493,207 1,263,431 1,493,207
Common stock equivalents issued within
twelve months of initial public offering 776,289 776,289 546,513 776,289 546,513
Weighted average number of common and
common equivalent shares outstanding 2,039,720 2,039,720 2,039,720 2,039,720 2,039,720
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Net income (loss) per share $ 0.02 $ 0.03 $ (0.14) $ (0.17) $ (0.16)
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Pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. 83,
stock, stock options and stock warrants issued at prices below the initial
public offering price during the 12-month period immediately preceding the
initial filing date of the Company's Registration Statement of its initial
public offering have been included as outstanding for all periods presented. The
dilutive effect of the common stock equivalents was computed in accordance with
the treasury-stock method.