MEDJET INC.
EXHIBIT 11
COMPUTATION OF NET INCOME (LOSS) PER SHARE
Three Months Ended Six Months Ended
6/30/98 6/30/97 6/30/98 6/30/97
---------- ---------- ----------- ----------
NET INCOME (LOSS) PER SHARE
Income (Loss) from Operations
applicable to Common Stock $ (704,812) $ 157,033 $(1,419,907) $ (247,532)
Weighted Average Common and Equivalent
Shares Outstanding 3,830,852 3,648,666 3,753,854 3,648,666
---------- ---------- ----------- ----------
Net Income (Loss) Per Share $ (0.18) $ 0.04 $ (0.38) $ (0.07)
========== ========== =========== ==========
NET INCOME (LOSS) PER SHARE - ASSUMING DILUTION
(See "NOTE")
Income (Loss) from Operations $ (704,812) $ 157,033 $(1,419,907) $ (247,532)
========== ========== =========== ==========
Weighted Average Common and Equivalent
Shares Outstanding 3,830,852 3,648,666 3,753,854 3,648,666
(A) Assuming Exercise of Stock Options 37,917 58,760 44,765 54,582
(B) Assuming Exercise of Warrants 49,251 60,724 50,755 58,610
---------- ---------- ----------- ----------
Weighted Average Common and Equivalent
Shares Outstanding - As Adjusted 3,918,020 3,768,150 3,849,374 3,761,858
========== ========== =========== ==========
Net Income (Loss) Per Share - Assuming Dilution $ (0.18) $ 0.04 $ (0.37) $ (0.07)
========== ========== =========== ==========
MEDJET INC.
EXHIBIT 11
Computation of Net Income (Loss) Per Common Share, continued
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
although not required by Financial Accounting Standards Board No. 128 "Earnings
Per Share" ("FASB 128") since the results are anti-dilutive.
(A) - For 1998, 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 June 30, 1998
Three Months Six Months
------------- ----------
Options assumed exercised 257,050 257,050
Proceeds assumed realized $1,494,488 $1,494,488
Shares assumed reaquired:
- During three months
($1,494,488/$6.82) 219,133
- During six months
($1,494,488/$7.04) 212,285
Net additional shares assumed outstanding 39,917 44,765
For 1997, the dilutive options (i.e., the average market price is greater than
the exercise price), assume that options for 234,663 shares 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 June 30, 1997
Three Months Six Months
------------- ----------
Options assumed 140,020 140,020
Proceeds assumed realized $698,027 $698,027
Shares assumed reaquired:
- During three months 81,260
($698,027/$8.59)
- During six months 85,438
($698,027//$8.17)
Net additional shares assumed outstanding 58,760 54,582
(B) - For 1998, for the "dilutive" warrants (i.e., those with respect to which
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 June 30, 1998
Three Months Six Months
------------- ----------
Warrants assumed exercised 97,389 97,389
Proceeds assumed realized $328,300 $328,300
Shares assumed reaquired:
- During three months ($328,300/$6.82) 48,138
- During six months ($328,300/$7.04) 46,634
Net additional shares assumed outstanding 49,251 50,755
For 1997, for dilutive warrants assume that warrants are exercised and proceeds
realized as indicated below. Next, using the treasury stock method with 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 June 30, 1997
Three Months Six Months
------------- ----------
Warrants assumed exercised 101,853 101,853
Proceeds assumed realized $353,298 $353,298
Shares assumed reaquired:
- During three months ($353,298/$8.59) 81,260
- During six months ($353,298/$8.17) 85,438
Net additional shares assumed outstanding 58,760 54,582