AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
1994 1993 1992
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Primary Earnings (Loss) Per Share:
1. Income (loss) from continuing operations $ (210,991) $ 4,783 $ (15,759)
2. Less preferred dividends (1,245) --- ---
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3. Income (loss) from continuing operations
applicable to common shareholders (212,236) 4,783 (15,759)
4. Income (loss) from discontinued operations (42,787) (10,338) 5,723
5. Extraordinary item (8,000) --- ---
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6. Net loss applicable to common shareholders $ (263,023) $ (5,555) $ (10,036)
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7. Weighted Average shares Outstanding 27,632 24,815 24,812
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8. Earnings (loss) per share from continuing
operations (3/7) $ (7.68) $ .20 $ (.63)
9. Earnings (loss) per share from discontinued
operations (4/7) (1.55) (0.42) .23
10. Loss per share on extraordinary item (5/7) (.29) --- ---
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11. Net loss per share $ (9.52) $ (.22) $ (.40)
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Fully Diluted Earnings (Loss) Per Share:
12. Line 3. above $ (212,236) $ 4,783 $ (15,759)
13. Add back preferred dividends 1,245 --- ---
14. Add back interest, net of tax, on assumed
conversion of the Company's 8% Convertible Debentures 9,200 9,200 9,200
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15. Income (loss) from continuing operations (201,791) 13,983 (6,559)
16. Income (loss) from discontinued operations (42,787) (10,338) 5,723
17. Extraordinary item (8,000) --- ---
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18. Net income (loss) $ (252,578) $ 3,645 $ (836)
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19. Weighted average shares outstanding (Line 7) 27,632 24,815 24,812
20. Add additional shares issuable upon
assumed conversion of preferred shares from date of issuance 1,802 --- ---
21. Add additional shares issuable upon
assumed conversion of the Company's 8% Convertible Debentures 3,833 3,833 3,833
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22. Adjusted weighted average shares outstanding 33,267 28,648 28,645
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23. Earnings (loss) per share from continuing
operations (15/22)* $ (6.07) $ .49 $ (.23)
24. Earnings (loss) per share from discontinued
operations (16/22) (1.29) (.36) .20
25. Loss per share from extraordinary item (17/22) (.23) ---- ----
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26. Net income (loss) per share (18/22)* $ (7.59) $ .13 $ (.03)
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* Fully diluted earnings (loss) per share are not presented as the assumed conversion of the Company's Convertible
Preferred and Convertible Debentures is anti-dilutive.