EXHIBIT 11
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS
HISTORICAL EARNINGS PER
SHARE
NOVEMBER 30, NOVEMBER 30, NOVEMBER 30, FEBRUARY 29, FEBRUARY 28,
1994 1995 1996 1996 1997
------------ ------------ ------------ ------------ ------------
Net income (loss)
available to
common shareholders:
Net income (loss)....... ($128,993) ($195,195) $2,816,104 ($58,197) $167,406
Preferred stock
dividends.............. (8,750) (4,375) -- -- --
--------- --------- ---------- --------- ---------
Net income (loss)
available to
common shareholders.... ($137,743) ($199,570) $2,816,104 ($58,197) $167,406
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Common Stock and Common
Stock Equivalents:
Weighted average shares
outstanding............ 623,092 630,938 655,773 655,773 655,773
Convertible Securities:
Series B Preferred
Stock.................. 663,761 663,761 663,761 663,761 663,761
Series F Preferred
Stock.................. 135,025 135,025 135,025 135,025 135,025
Series G Preferred
Stock.................. 673,638 673,638 673,638 673,638 673,638
Options (calculated on
Treasury Method)
1987 Plan............... 24,561 11,790 21,374 18,186 27,246
Options and warrants
issued within one year
of the offering
(calculated on Treasury
Method):
Vested options repriced
or granted............. 219,706 219,706 219,706 219,706 223,340
Warrants repriced....... 69,799 69,799 69,799 69,799 69,799
--------- --------- ---------- --------- ---------
289,505 289,505 289,505 289,505 292,139
--------- --------- ---------- --------- ---------
287,594 287,594 287,594 287,594 287,594
--------- --------- ---------- --------- ---------
Total common stock and
common
stock equivalents.... 2,409,582 2,404,657 2,439,076 2,435,888 2,447,582
========= ========= ========== ========= =========
Earnings (loss) per
common share............ ($0.06) ($0.08) $1.15 ($0.02) $0.07
========= ========= ========== ========= =========
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
PRO FORMA EARNINGS PER SHARE
TO GIVE EFFECT TO THE RECAPITALIZATION
(PRESENTED ON THE FACE OF THE NOVEMBER 30, 1996
AND FEBRUARY 28, 1997 HISTORICAL STATEMENT OF
OPERATIONS)
NOVEMBER 30, FEBRUARY 28,
1996 1997
------------ ------------
Pro forma net income:
Net income.......................................... $2,816,104 $ 167,406
Add back interest (tax affected) on debt
included in Recapitalization:
$2,867,546 portion of subordinated note
converted to stock in Recapitalization............. 92,879 23,220
$2,000,000 subordinated note converted
to stock in Recapitalization....................... 206,464 51,616
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Pro forma net income................................ $3,115,447 $ 242,242
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Common Stock and Common Stock Equivalents:
Historical weighted average shares outstanding...... 2,439,076 2,447,582
Add back:
Less common stock equivalents included in
historical earnings per share:
Series B Preferred Stock............................ (663,761) (663,761)
Series F Preferred Stock............................ (135,025) (135,025)
Series G Preferred Stock............................ (673,638) (673,638)
Add effect of Recapitalization:
Series A Preferred Stock............................ 86,003 86,003
Series B Preferred Stock............................ 663,761 663,761
Series F & G Preferred Stock........................ 763,748 763,748
Shares for $2,867,546 of subordinated debt.......... 616,544 616,544
Shares for $2,000,000 of subordinated debt.......... 430,015 430,015
---------- ----------
Total pro forma common stock
and common stock equivalents....................... 3,526,723 3,535,229
========== ==========
Pro forma earnings per common share.................. $0.88 $0.07
========== ==========
STATEMENTS REGARDING COMPUTATION OF PER SHARE EARNINGS (CONTINUED)
PRO FORMA EARNINGS PER SHARE
TO GIVE EFFECT TO THE RECAPITALIZATION AND THE
OFFERING
(PRESENTED ON THE FACE OF THE PRO FORMA STATEMENT OF
OPERATIONS)
NOVEMBER 30, FEBRUARY 28,
1996 1997
------------ ------------
Pro forma net income................................. $3,224,088 $ 641,988
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Common Stock and Common Stock Equivalents:
Outstanding shares of the Company................... 655,773 655,773
Shares used to convert subordinated debt:
Shares for $2,867,546 of subordinated debt.......... 616,544 616,544
Shares for $2,000,000 of subordinated debt.......... 430,015 430,015
Shares used to convert preferred stock:
Series A Preferred Stock............................ 86,003 86,003
Series B Preferred Stock............................ 663,761 663,761
Series F Preferred Stock............................ 763,748 763,748
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Total outstanding shares of the Company............. 3,215,844 3,215,844
---------- ---------
Shares issued in acquisition of Manhattan
Limousine.......................................... 200,000 200,000
---------- ---------
Shares to pay off debt in connection with the
offering........................................... 736,583 681,687
Shares used to provide cash for purchase of
Manhattan Limousine................................ 632,617 632,617
Shares used to pay off Manhattan Limousine
acquisition note................................... 424,731 424,731
Shares used to pay off debt assumed in Manhattan
Limousine acquisition.............................. 335,816 335,816
Shares used to pay off debt and redeem preferred
stock as part of Recapitalization.................. 359,852 359,852
---------- ---------
Shares used in offering............................. 2,489,599 2,434,703
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Total shares outstanding............................ 5,905,443 5,850,547
---------- ---------
Common stock equivalents (calculated on Treasury
Method):
Vested options outstanding.......................... 241,080 249,586
Warrants outstanding................................ 69,799 69,799
---------- ---------
Common stock equivalents............................ 310,879 319,385
---------- ---------
Total common stock and
common stock equivalents............................ 6,216,322 6,169,932
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Pro forma earnings per common share.................. $0.52 $0.10
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