ATSI COMMUNICATIONS, INC. AND SUBSIDIARIES Exhibit 11 COMPUTATION OF EARNINGS (LOSS) PER SHARE For the Year Ended ----------------------------------------------------- July 31, 2000 July 31, 2001 July 31, 2002 --------------- --------------- --------------- COMPUTATION OF NET LOSS PER SHARE Net loss ($17,138) ($12,785) ($14,989) ========= ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 56,851 71,180 86,275 ========= ========= ========= BASIC LOSS PER COMMON SHARE ($0.30) ($0.18) ($0.17) ========= ========= ========= COMPUTATION OF DILUTED LOSS PER SHARE Net loss ($17,138) ($12,785) ($14,989) Dividends not incurred upon assumed conversion of convertible preferred stock 431 458 472 --------- --------- --------- Net loss applicable to common stockholders used for computation ($16,707) ($12,327) ($14,517) ========= ========= ========= Weighted average number of shares of common stock outstanding 56,851 71,180 86,275 Weighted average incremental shares outstanding upon assumed conversion of options and warrants 5,083 2,777 10 Weighted average incremental shares outstanding upon assumed conversion of convertible preferred stock 2,808 17,868 32,967 --------- --------- --------- WEIGHTED AVERAGE COMMON SHARES AND COMMON SHARE EQUIVALENTS USED FOR COMPUTATION 64,742 91,825 119,252 ========= ========= ========= DILUTED LOSS PER COMMON SHARE AND COMMON SHARE EQUIVALENT ($0.26) ($0.13) ($0.12) ========= ========= ========= (a) This calculation is submitted in accordance with Item 601 (b) (11) of Regulation S-K although it is not required by SFAS No. 128 because it is antidilutive.