EXHIBIT 11 AMERICAN TELESOURCE INTERNATIONAL INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE For the period from December 17, 1993 (Inception) For the year ended For the six month periods ended through July 31, 1994 July 31, 1995 January 31, 1995 January 31, 1996 ------------------------- -------------------- ------------------ ----------------- (unaudited) Primary Earnings: Net loss ($343,528) ($2,004,167) ($907,405) ($1,420,699) ========================= ================== ================= ================ Shares: Weighted average number of common shares outstanding 9,146,091 13,922,018 12,546,257 19,094,398 Incremental shares assuming conversion of warrants 0 162,360 225,552 137,830 ------------------------- ----------------- ----------------- ---------------- Weighted average number of common shares outstanding as adjusted 9,146,091 14,084,378 12,771,809 19,232,228 ========================= ================= ================= =============== Primary earnings per common share Net loss ($0.04) ($0.14) ($0.07) ($0.07) ========================= ================= ================= =============== Fully Diluted Earnings: Net loss ($343,528) ($2,004,167) ($907,405) ($1,420,699) Add: Interest expense applicable to convertible debt 0 6,000 0 6,000 ---------------------- ----------------- ----------------- --------------- Net loss - as adjusted ($343,528) ($1,998,167) ($907,405) ($1,414,699) ====================== ================= ================= =============== Shares: Weighted average number of common shares outstanding 9,146,091 13,922,018 12,546,257 19,094,398 Incremental shares assuming conversion of convertible debt 0 100,000 0 200,000 Incremental shares assuming conversion of warrants 39,835 202,229 226,552 200,018 ---------------------- ----------------- ----------------- --------------- Weighted average number of common shares outstanding as adjusted 9,185,926 14,224,247 12,771,809 19,494,416 ====================== ================= ================= =============== Fully diluted earnings per common share Net loss, as adjusted ($0.04) ($0.14)(a) ($0.07) ($0.07)(a) ====================== ================= ================= =============== (a) This calculation is submitted in accordance with paragraph 601 (b) (11) of Regulation S-K although it is contrary to APB Opinion No. 15 because it produces an antidilutive result.