Exhibit 11
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Environmental Power Corporation
Computation of Earnings Per Share
September 30, 2001
Income Shares Per Share
(Numerator) (Denominator) Amounts
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Three Months Ended September 30, 2002:
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Income attributable to shareholders $ 875,839 20,600,872
Effect of dividends to preferred stockholders of subsidiary (1,250)
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Basic EPS - Income attributable to common shareholders 874,589 20,600,872 $ 0.04
Effect of dilutive securities:
Assumed exercise of dilutive stock options 106,803
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Diluted EPS - Income attributable to common shareholders $ 874,589 20,707,675 $ 0.04
Three Months Ended September 30, 2001:
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Income attributable to shareholders $ 922,030 15,547,945
Effect of dividends to preferred stockholders of subsidiary (1,250)
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Basic EPS - Income attributable to common shareholders 920,780 15,547,945 $ 0.06
Effect of dilutive securities:
Assumed conversion of preferred stock 1,483,205
Assumed exercise of dilutive stock options 32,255
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Diluted EPS - Income attributable to common shareholders $ 920,780 17,063,405 $ .05
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Income Shares Per Share
(Numerator) (Denominator) Amounts
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Nine Months Ended September 30, 2002:
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Income attributable to shareholders $ 899,981 20,298,245
Effect of dividends to preferred stockholders of subsidiary (3,750)
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Basic EPS - Income attributable to common shareholders 896,231 20,298,245 0.04
Effect of dilutive securities:
Assumed exercise of dilutive stock options 83,761
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Diluted EPS - Income attributable to common shareholders $ 896,230 20,382,005 $ 0.04
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Nine Months Ended September 30, 2001:
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Income attributable to shareholders $ 1,692,496 12,802,339
Effect of dividends to preferred stockholders of subsidiary (3,750)
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Basic EPS - Income attributable to common shareholders 1,688,746 12,802,339 0.13
Effect of dilutive securities: 499,835
Assumed conversion of preferred stock
Assumed exercise of dilutive stock options 20,503
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Diluted EPS - Income attributable to common shareholders $ 1,688,746 13,322,677 $ 0.13
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