MEDJET INC.
EXHIBIT 11
COMPUTATION OF NET LOSS PER SHARE
Three Months Ended Nine Months Ended
9/30/98 9/30/97 9/30/98 9/30/97
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NET LOSS PER SHARE
Loss from Operations applicable
to Common Stock $ (487,396) $ (1,540,309) $ (1,907,303) $ (1,787,956)
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Weighted Average Common and
Equivalent Shares Outstanding 3,869,004 3,669,785 3,792,659 3,655,783
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Net Loss Per Share $ (0.13) $ (0.42) $ (0.50) $ (0.49)
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NET LOSS PER SHARE - ASSUMING DILUTION
Loss from Operations $ (487,396) $ (1,540,309) $ (1,907,303) $ (1,787,956)
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Weighted Average Common and
Equivalent Shares Outstanding 3,869,004 3,669,785 3,792,659 3,655,783
Add: Assuming Exercise of Stock Options 22,380 52,066 39,150 52,066
Assuming Exercise of Warrants 51,674 57,205 55,808 57,205
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Weighted Average Common Shares
Outstanding - As Adjusted 3,943,058 3,779,056 3,887,617 3,765,054
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Net Loss Per Share - Assuming Dilution $ (0.12) $ (0.41) $ (0.49) $ (0.47)
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COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE, CONTINUED
NOTE:
The calculation for Net 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 September 30, 1998
Three Months Nine Months
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Options assumed exercised 254,050 398,693
Proceeds assumed realized $1,475,738 $2,448,489
Shares assumed reacquired:
- During three months ($1,475,738/$6.37) 231,670
- During nine months ($2,448,489/$6.81) 359,543
Net additional shares assumed outstanding 22,380 39,150
For 1997, 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, 1997
Three Months Nine Months
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Options assumed exercised 219,863 219,863
Proceeds assumed realized $1,370,902 $1,370,902
Shares assumed reacquired:
- During three months ($1,370,902/$8.17) 167,797
- During nine months ($1,370,902/$8.17) 167,797
Net additional shares assumed outstanding 52,066 52,066
(B) - For 1998, 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, 1998
Three Months Nine Months
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Warrants assumed exercised 115,661 115,661
Proceeds assumed realized $407,600 $407,600
Shares assumed reacquired:
- During three months ($407,600/$6.37) 63,987
- During nine months ($407,600/$6.81) 59,853
Net additional shares assumed outstanding 51,674 55,808
For 1997, 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, 1997
Three Months Nine Months
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Warrants assumed exercised 97,389 97,389
Proceeds assumed realized $328,300 $328,300
Shares assumed reacquired:
- During three months ($328,300/$8.17) 40,184
- During nine months ($328,300/$8.17) 40,184
Net additional shares assumed outstanding 57,205 57,205