PREMIERE RADIO NETWORKS, INC.
EXHIBIT 11
Computation of Per Share Earnings
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THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1996 1995 1996 1995
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PRIMARY EARNINGS PER SHARE:
Weighted average shares outstanding. . . . . . . . . 7,560,952 5,121,434 7,335,952 5,121,434
Net effect of dilutive stock options and warrants. . 2,140,479 1,841,974 2,077,803 378,346
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Total. . . . . . . . . . . . . . . . . . . . . . . . 9,701,431 6,963,408 9,413,755 5,499,780
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Net income . . . . . . . . . . . . . . . . . . . . . $1,259,208 $ 665,035 $3,031,185 $2,051,081
Reduction in interest expense resulting from the
assumed exercise of stock options and warrants to
purchase common stock and the assumed reduction of
outstanding notes payable, net of income taxes. . . 8,012 26,861 24,035 80,584
Increase in interest income resulting from the
assumed exercise of stock options and warrants
to purchase common stock and the assumed investment
in short-term, cash equivalent marketable securities,
net of income taxes . . . . . . . . . . . . . . . . 45,734 34,708 137,203 104,125
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Net income, as adjusted. . . . . . . . . . . . . . . $1,312,954 $ 726,604 $3,192,423 $2,235,790
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Per share amount . . . . . . . . . . . . . . . . . . $0.14 $0.10 $0.34 $0.41
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PREMIERE RADIO NETWORKS, INC.
EXHIBIT 11
Computation of Per Share Earnings
(Continued)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1996 1995 1996 1995
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FULLY DILUTED EARNINGS PER SHARE:
Weighted average shares outstanding. . . . . . . 7,560,952 5,121,434 7,335,952 5,121,434
Net effect of dilutive stock options and
warrants. . . . . . . . . . . . . . . . . . . . 2,140,479 1,841,974 2,087,407 378,346
Total. . . . . . . . . . . . . . . . . . . . . . 9,701,431 6,963,408 9,423,359 5,499,780
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Net income . . . . . . . . . . . . . . . . . . . $1,259,208 $665,035 $3,031,185 $2,051,081
Reduction in interest expense resulting from
the assumed exercise of stock options and
warrants to purchase common stock and the
assumed reduction of outstanding notes
payable, net of income taxes . . . . . . . . . 8,012 26,861 24,035 80,584
Increase in interest income resulting from the
assumed exercise of stock options and warrants
to purchase common stock and the assumed
investment in short-term, cash equivalent
marketable securities, net of income taxes . . 49,723 17,470 149,170 52,409
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Net income, as adjusted. . . . . . . . . . . . . $1,316,943 $709,366 $3,204,390 $2,184,074
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Per share amount . . . . . . . . . . . . . . . . $0.14 $0.10 $0.34 $0.40
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