INDIVIDUAL, INC. EXHIBIT 11
COMPUTATION OF WEIGHTED AVERAGE SHARES
USED IN COMPUTING LOSS PER SHARE AMOUNTS
(UNAUDITED)
Primary Fully Diluted Supplemental
Type of Security Shares Shares Shares (1)
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FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995:
Common stock less shares held in treasury, beginning of period 1,669,289 1,669,289 1,669,289
Cheap stock outstanding during the period (2) 346,210 346,210 346,210
Weighted average common stock issued during the period 5,156 5,156 5,156
Conversion of preferred stock and redeemable preferred stock
into common stock (1) -- -- 7,625,210
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Weighted average shares of common stock outstanding 2,020,655 2,020,655 9,645,865
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Net loss per common share ($ 1.02) ($ 1.02) ($ 0.17)
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FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996:
Common stock less shares held in treasury, beginning of period 14,027,581 14,027,581 14,027,581
Weighted average common stock issued during the period 61,064 61,064 61,064
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Weighted average shares of common stock outstanding 14,088,645 14,088,645 14,088,645
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Net loss per common share ($ 0.31) ($ 0.31) ($ 0.31)
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Primary Fully Diluted Supplemental
Type of Security Shares Shares Shares (1)
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995:
Common stock less shares held in treasury, beginning of period 1,666,002 1,666,002 1,666,002
Cheap stock outstanding during the period (2) 346,210 346,210 346,210
Weighted average common stock issued during the period 3,711 3,711 3,711
Conversion of preferred stock and redeemable preferred stock
into common stock (1) -- -- 7,625,210
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Weighted average shares of common stock outstanding 2,015,923 2,015,923 9,641,133
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Net loss per common share ($ 2.90) ($ 2.90) ($ 0.49)
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FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996:
Common stock less shares held in treasury, beginning of period 1,713,096 1,713,096 1,713,096
Common stock outstanding during the period 2,781,996 2,781,996 2,781,996
Weighted average treasury stock repurchased during the period (1,089) (1,089) (1,089)
Weighted average conversion of preferred stock and redeemable
preferred stock into common stock (1) 5,390,716 5,390,716 7,625,210
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Weighted average shares of common stock outstanding 9,884,719 9,884,719 12,119,213
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Net loss per common share ($ 4.61) ($ 4.61) ($ 3.73)
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(1) Upon completion of the public offering on March 20, 1996, the redeemable
preferred stock and preferred stock converted to 7,625,210 shares of common
stock. Accordingly, the supplemental earnings per share calculation has assumed
the conversion of all shares of redeemable preferred stock and preferred stock,
effected for the 3-for-2 split, at the beginning of each period presented.
(2) In accordance with the Securities and Exchange Commission, issuances of
common stock and common stock equivalents, within one year to the initial filing
of the registration statement, at share prices below the assumed initial public
offering price of $14.00 per share (cheap stock), are considered to have been
made in anticipation of the contemplated public offering. Accordingly, these
stock issuances are treated as if issued and outstanding, using the treasury
stock method, since the inception of the Company.