Exhibit 11
The Morgan Group, Inc. and Subsidiaries
Exhibit 11 - Statement re: Computation of Per Share Earnings
(Unaudited)
Three Months Ended
March 31,
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1996 1995
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Primary
Average shares outstanding 2,566,665 2,566,665
Exercise of warrants 88,888 --
Net effect of warrants which became
exercisable beginning on August 3, 1993;
price based upon the treasury stock method
using the average stock prices - - - - 79,900
Redemption of shares of series A preferred stock 150,000 --
Treasury stock repurchased (118,943) - - - -
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Total 2,686,610 2,646,565
Fully Diluted
Net effect of dilutive warrants, which
will became exercisable on August 4, 1995,
based upon the treasury stock method
using the average stock prices - - - - 41,312
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Total 2,686,610 2,687,877
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Net Income $ 9 $ 463
Series A Redeemable
Preferred Stock dividends -- 60
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Net income $ 9 $ 403
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Primary earnings per share $ -- $ .15
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Fully diluted earnings per share $ -- $ .15
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