EXHIBIT 11
ENVIRONMENTAL POWER CORPORATION
COMPUTATION OF EARNINGS PER SHARE
SEPTEMBER 30, 1998
INCOME SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNTS
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THREE MONTHS ENDED SEPTEMBER 30, 1998:
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Income available to shareholders $ 437,182 11,406,783 $.04
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - income available to common shareholders 435,932 11,406,783 .04
Effect of dilutive securities:
Assumed exercise of dilutive stock options 22,597
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Diluted EPS - income available to common shareholders $ 435,932 11,429,380 $.04
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THREE MONTHS ENDED SEPTEMBER 30, 1997:
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Income available to shareholders $1,102,918 11,097,870 $.10
Effect of dividends to preferred stockholders (1,250)
------------------ -------------------- ---------------
Basic EPS - income available to common shareholders 1,101,668 11,097,870 .10
Effect of dilutive securities:
Assumed exercise of dilutive stock options 147,365
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Diluted EPS - income available to common shareholders $1,101,668 11,245,235 $.10
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INCOME (LOSS) SHARES PER SHARE
(NUMERATOR) (DENOMINATOR) AMOUNTS
------------------- -------------------- ---------------
NINE MONTHS ENDED SEPTEMBER 30, 1998:
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Income available to shareholders $ 54,054 11,406,783 $ ---
Effect of dividends to preferred stockholders (3,750)
------------------- -------------------- ---------------
Basic EPS - income available to common shareholders 50,304 11,406,783 ---
Effect of dilutive securities:
Assumed exercise of dilutive stock options 22,595
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Diluted EPS - income available to common shareholders $ 50,304 11,429,378 $ ---
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NINE MONTHS ENDED SEPTEMBER 30, 1997:
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Loss available to shareholders $(286,888) 11,083,889 $(.03)
Effect of dividends to preferred stockholders (28,928)
------------------- -------------------- ---------------
Basic EPS - loss available to common shareholders (315,816) 11,083,889 (.03)
Effect of dilutive securities:
Assumed exercise of dilutive stock options 134,137
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Diluted EPS - loss available to common shareholders $(315,816) 11,218,026 $(.03)
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