EXHIBIT 11.1
MASTER GRAPHICS, INC.
COMPUTATION OF NET EARNINGS PER COMMON SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended
September 30, September 30,
1998 1999 1998 1999
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Net earnings (loss) $ 1,886 ($5,169) $ 3,063 ($6,538)
Less preferred stock dividends (28) (29) (56) (87)
Less accretion of preferred stock discount (29) (30) (58) (90)
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Net earnings (loss) applicable to common shares -
before extraordinary loss 1,829 (5,228) 2,949 (6,715)
Extraordinary loss 0 0 (2,098) 0
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Net loss applicable to common shares $ 1,829 ($5,228) $ 851 ($6,715)
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Basic:
Weighted average common shares outstanding 7,736,229 7,923,026 5,540,413 7,913,727
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Basic earnings (loss) per share -
before extraordinary loss $ 0.24 ($0.66) $ 0.53 ($0.85)
Basic extraordinary loss per share 0.00 0.00 (0.38) 0.00
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Basic loss per share $ 0.24 ($0.66) $ 0.15 ($0.85)
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Diluted:
Net earnings (loss) applicable to common shares $ 1,829 ($5,228) $ 2,949 ($6,715)
Plus deferred compensation provision 15 0 31 0
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Net earnings (loss) applicable to common shares -
before extraordinary loss 1,844 (5,228) 2,980 (6,715)
Extraordinary loss 0 0 (2,098) 0
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Net loss applicable to common shares $ 1,844 ($5,228) $ 882 ($6,715)
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Weighted average common shares outstanding 7,736,229 7,923,026 5,540,413 7,913,727
Assumed exercise of lender warrants 220,000 220,000 278,749 220,000
Assumed exercise of the stock option clause in the
deferred compensation agreements 100,000 0 100,000 0
---------- --------- ---------- ---------
8,056,229 8,143,026 5,919,162 8,133,727
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Diluted earnings (loss) per share -
before extraordinary loss $ 0.23 ($0.64) $ 0.50 ($0.83)
Diluted extraordinary loss per share 0.00 0.00 (0.35) 0.00
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Diluted loss per share $ 0.23 ($0.64) $ 0.15 ($0.83)
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