EXHIBIT 11.1
MASTER GRAPHICS, INC.
COMPUTATION OF NET EARNINGS (LOSS) PER COMMON SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1997 1998 1997 1998
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Net earnings (loss)
before extraordinary loss (655) 734 (904) 1,177
Less preferred stock
dividends 0 (28) 0 (28)
Less accretion of
preferred stock discount 0 (29) 0 (29)
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Net earnings (loss) before
extraordinary loss
applicable to common
shares (655) 677 (904) 1,120
Extraordinary loss 0 (2,098) 0 (2,098)
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Net loss applicable to common
shares (655) (1,421) (904) (978)
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Basic:
Weighted average
common shares outstanding 4,000,000 4,841,023 4,000,000 4,422,835
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Basic earnings (loss)
per share before extraordinary
loss (0.16) 0.14 (0.23) 0.25
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Basic loss per share -
extraordinary loss 0.00 (0.43) 0.00 (0.47)
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Basic loss per share (0.16) (0.29) (0.23) (0.22)
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Diluted:
Weighted average common
shares outstanding 4,000,000 4,841,023 4,000,000 4,422,835
Assumed exercise of
warrants 0 243,443 0 231,786
Assumed exercise of the
stock option clause in the
deferred compensation
agreements 0 100,000 0 100,000
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4,000,000 5,184,466 4,000,000 4,754,621
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Diluted earnings (loss)
per share before extraordinary
loss (0.16) 0.13 (0.23) 0.24
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Diluted loss per share -
extraordinary loss 0.00 (0.40) 0.00 (0.44)
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Diluted loss per share (0.16) (0.27) (0.23) (0.20)
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