EXHIBIT 11.01
FIRST AVIATION SERVICES INC.
STATEMENTS RE COMPUTATION OF PER SHARE EARNINGS
(HISTORICAL BASIS)
Quarter ended Quarter ended Six months ended Six months ended
7/31/97 7/31/96 7/31/97 7/31/96
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NET INCOME PER COMMON SHARE:
Net Income before extraordinary item $ 1,558,000 $ 780,000 $ 2,773,000 $ 1,973,000
Extraordinary item; loss on early
extinguishment of debt (864,000) (193,000) (864,000)
Net Income 1,558,000 (84,000) 2,580,000 1,109,000
Preferred Stock Dividends (11,000) (33,000) (29,000) (66,000)
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Net Income applicable to Common Stock $ 1,547,000 $ (117,000) $ 2,551,000 $ 1,043,000
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Weighted average common shares outstanding 8,915,000 3,556,665 8,021,944 3,556,665
Incremental shares due to warrants to purchase
common stock - 1,554,996 214,478 1,689,015
Incremental shares due to stock options 149,850 - 149,850 -
Incremental shares issuable pursuant to
SAB Topic 4D - 149,850 - 149,850
Total Shares 9,064,850 5,261,511 8,386,272 5,395,530
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Net income per common share before
extraordinary item $ 0.17 $ 0.14 $ 0.33 $ 0.35
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Extraordinary item - (0.16) (0.02) (0.16)
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Net Income per common share $ 0.17 $ (0.02) $ 0.31 $ 0.19
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