EXHIBIT 11
Environmental Power Corporation
Computation of Earnings Per Share
September 30, 1999
Income Shares Per Share
(Numerator) (Denominator) Amounts
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Three Months Ended September 30, 1999:
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Income available to shareholders $ 706,498 11,406,783 $ 0.06
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - income available to common shareholders 705,248 11,406,783 0.06
Effect of dilutive securities:
Assumed exercise of dilutive stock options 1,060
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Diluted EPS - income available to common shareholders $ 705,248 11,407,843 $ 0.06
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Three Months Ended September 30, 1998:
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Income available to shareholders $ 437,182 11,406,783 $ 0.04
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - income available to common shareholders 435,932 11,406,783 0.04
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 $ 0.04
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Nine Months Ended September 30, 1999:
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Income available to shareholders $ 492,021 11,406,783 $ 0.04
Effect of dividends to preferred stockholders (3,750)
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Basic EPS - income available to common shareholders 488,271 11,406,783 0.04
Effect of dilutive securities:
Assumed exercise of dilutive stock options 391
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Diluted EPS - income available to common shareholders $ 488,271 11,407,174 $ 0.04
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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)
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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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