EXHIBIT 11
MEDJET INC.
COMPUTATION OF NET INCOME (LOSS) PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------- -------------
2001 2000 2001 2000
---- ---- ---- ----
NET INCOME (LOSS) PER SHARE
Income (Loss) from Operations
Applicable to Common Stock $266,349 $182,364 $(155,910) $(517,898)
Weighted Average Common Shares Outstanding 3,901,431 3,901,431 3,901,431 3,901,431
--------- --------- --------- ---------
Net Income (Loss) Per Share $0.07 $0.05 $(0.04) $ (0.13)
===== ===== ======= ========
NET INCOME (LOSS) PER SHARE -
ASSUMING DILUTION (See "NOTE")
Income (Loss) from Operations
Applicable to Common Stock $266,349 $182,364 $(155,910) $(517,898)
======== ======== ========== ==========
Weighted Average Common Shares Outstanding 3,901,431 3,901,431 3,901,431 3,901,431
Add: (A) Assumed Conversion of Preferred Stock 1,040,000 1,040,000 1,040,000 1,040,000
(B) Assumed Exercise of Stock Options 86,617 15,289 76,913 58,271
(C) Assumed Exercise of Warrants - - - -
--------- --------- --------- ---------
Weighted Average Common Shares
Outstanding - Assuming Dilution 5,028,048 4,956,720 5,018,344 4,999,702
========= ========= ========= =========
Net Income (Loss) Per Share - Assuming Dilution $0.05 $ 0.04 $(0.03) $ (0.10)
===== ====== ======= ========
NOTE:
The calculation for Net Income (Loss) Per Common Share - Assuming Dilution is
submitted in accordance with Securities Exchange Act of 1934 Release No. 9083.
This is applicable to the period for the three-month ended September 30, 2001
and 2000. This is not applicable for the nine months ended September 30, 2001,
and the nine month period in 2000 since the results are anti-dilutive.
(A) - For 2001, the dilutive options (i.e., the average market price is
greater than the exercise price), assume that options are exercised
and proceeds realized as indicated below. Next, using the treasury
stock method with the average market price per share during each
period and the total shares assumed to be reacquired as of the
beginning of each period, the additional shares included as
outstanding are indicated below.
PERIOD ENDED SEPTEMBER 30, 2001
THREE MONTHS NINE MONTHS
------------ -----------
Options assumed exercised 231,546 191,546
Proceeds assumed realized $108,697 $79,097
Shares assumed reacquired:
- During three months ($108,697/$.75) 144,929
- During nine months ($79,097/$.69) 114,633
Net additional shares assumed outstanding 86,617 76,913
12
For 2000, the dilutive options (i.e., the average market price is greater than
the exercise price), assume that options are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
PERIOD ENDED SEPTEMBER 30, 2000
THREE MONTHS NINE MONTHS
------------ -----------
Options assumed exercised 132,050 285,050
Proceeds assumed realized $86,403 $222,243
Shares assumed reacquired:
- During three months ($86,403/$.74) 116,761
- During nine months ($222,243/$.98) 226,779
Net additional shares assumed outstanding 15,289 58,271
(B) - For 2001, the dilutive warrants (i.e., the average market price is
the same as than the exercise price), assume that warrants are
exercised and proceeds realized as indicated below. Next, using the
treasury stock method with the average market price per share during
each period and the total shares assumed to be reacquired as of the
beginning of each period, the additional shares included as
outstanding are indicated below.
PERIOD ENDED SEPTEMBER 30, 2001
THREE MONTHS NINE MONTHS
------------ -----------
Warrants assumed exercised 1,320,000 -
Proceeds assumed realized $990,000 -
Shares assumed reacquired:
- During three months ($990,000/$.75) 1,320,000 -
- During nine months ($-0-/$.69) - -
Net additional shares assumed outstanding - -
For 2000, the dilutive warrants (i.e., the average market price is greater than
the exercise price), assume that warrants are exercised and proceeds realized as
indicated below. Next, using the treasury stock method with the average market
price per share during each period and the total shares assumed to be reacquired
as of the beginning of each period, the additional shares included as
outstanding are indicated below.
PERIOD ENDED SEPTEMBER 30, 2000
THREE MONTHS NINE MONTHS
------------ -----------
Warrants assumed exercised - -
Proceeds assumed realized - -
Shares assumed reacquired:
- During three months ($0/$.74) - -
- During nine months ($0/$.98) - -
Net additional shares assumed outstanding - -
13