The Morgan Group, Inc. and Subsidiaries
Exhibit 11 - Statement re: Computation of Per Share Earnings
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
---------------------- ---------------------
1996 1995 1996 1995
-------- -------- -------- --------
Unaudited) (Unaudited)
Primary
Average shares outstanding 2,566,665 2,566,665 2,566,665 2,566,665
Exercise of warrants 88,888 - - - 88,888 - - -
Redemption of shares of series A preferred
stock 150,000 - - - 150,000 - - -
Treasury stock repurchased; includes affect
of dilutive warrants using the
Treasury Stock Method (113,064) 9,106 (122,716) 54,154
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Total 2,692,489 2,575,771 2,682,837 2,620,819
Fully Diluted
Net effect of dilutive warrants based
upon the treasury stock method
using the average stock prices - - - - - - - - - - - -
--------- ----- --------- ------
Total 2,692,489 2,575,771 2,682,837 2,620,819
Net Income $495 $814 $921 $2,041
Series A Redeemable
Preferred stock dividends - - - 61 - - - 183
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Net Income $495 $753 $921 $1,858
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Primary earnings per share $.18 $.29 $.34 $.71
Fully diluted earnings per share $.18 $.29 $.34 $.71