The Morgan Group, Inc.
Exhibit 11 - Statement Re: Computation of Per Share Earnings
For Years Ended
December 31
1997 1996 1995
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Reconciliation of basic to diluted earnings per share:
Net income (loss) $ 196 ($ 2,070) $ 2,269
Less preferred dividends -- -- 221
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Net income (loss) applicable to common stocks: $ 196 ($ 2,070) $ 2,048
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Class A Stock:
Dividends $ 114 $ 126 $ 113
Allocation of undistributed earnings 19 (1,241) 1,011
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Net income (loss) applicable to Class A stock-basic 133 (1,115) 1,124
Effect of reallocating undistributed earnings -- -- 13
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Net income (loss) applicable to Class A stock-diluted $ 133 ($ 1,115) $ 1,137
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Class B Stock:
Dividends $ 48 $ 48 $ 48
Allocation of undistributed earnings 15 (1,003) 876
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Net income (loss) applicable to Class B stock-basic 63 (955) 924
Effect of reallocating undistributed earnings -- -- (13)
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Net income (loss) applicable to Class B stock-diluted $ 63 ($ 955) $ 911
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Net income (loss) applicable to common stocks $ 196 ($ 2,070) $ 2,048
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Weighted average shares outstanding:
Class A stock:
Basic 1,456,690 1,484,242 1,382,548
Dilutive effect of stock options 6,494 2,030 4,742
Dilutive effect of warrants -- -- 35,155
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Diluted 1,463,184 1,486,272 1,422,445
Class B stock-basic and diluted 1,200,000 1,200,000 1,200,000
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Class A basic EPS $ 0.09 ($ 0.76) $ 0.81
Class B basic EPS $ 0.05 ($ 0.80) $ 0.77
Class A diluted EPS $ 0.09 ($ 0.76) $ 0.79
Class B diluted EPS $ 0.05 ($ 0.80) $ 0.77