EXHIBIT 11
AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
Three Months Ended Six Months Ended
April 30, April 30,
1995 1994 1995 1994
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Primary Earnings (Loss)
Per Share:
1. Income (loss) from
continuing operations $ (3,581) $ (18,791) $ (10,974) $ (49,565)
2. Less preferred dividends (825) - (1,650) -
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3. Income (loss) from
continuing operations
applicable to common
shareholders (4,406) (18,791) (12,624) (49,565)
4. Income (loss) from
discontinued operations - (34,956) - (41,579)
5. Extraordinary item - - - -
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6. Net loss applicable to
common shareholders (4,406) (53,747) (12,624) (91,144)
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7. Weighted average shares
outstanding 32,018 25,065 32,018 24,940
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8. Earnings (loss) per share
from continuing
operations (3/7) $ (.14) $ (.75) $ (.39) $ (1.99)
9. Earnings (loss) per share
from discontinued
operations (4/7) - (1.39) - (1.66)
10. Loss per share on
extraordinary item (5/7) - - - -
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11. Net loss per share $ (.14) $ (2.14) $ (.39) $ (3.65)
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Fully Diluted Earnings
(Loss) Per Share:
12. Line 3. above $ (4,406) $ (18,791) $ (12,624) $ (49,565)
13. Add back preferred
dividends 825 - 1,650 -
14. Add back interest, on
assumed conversion of
the Company's 8%
Convertible Debentures 2,300 2,300 4,600 4,600
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15. Income (loss) from
continuing operations (1,281) (16,491) (6,374) (44,965)
16. Income (loss) from
discontinued operations - (34,956) - (41,579)
17. Extraordinary item - - - -
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18. Net income (loss) $ (1,281) $ (51,447) $ (6,374) $ (86,544)
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19. Weighted average shares
outstanding (Line 7) 32,018 25,065 32,018 24,940
20. Add additional shares
issuable upon assumed
conversion of preferred
shares from date 4,800 - 4,800 -
of issuance
21. Add additional shares
issuable upon assumed
conversion of the
Company's 8% Convertible
Debentures 3,833 3,833 3,833 3,833
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22. Adjusted weighted average
shares outstanding 40,651 28,898 40,651 28,773
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23. Earnings (loss) per share
from continuing
operations (15/22) $ (.03) $ (.57) $ (.16) $ (1.56)
24. Earnings (loss) per share
from discontinued
operations (16/22) - (1.21) - (1.45)
25. Loss per share from
extraordinary item
(17/22) - - - -
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26. Net income (loss)
per share (12/15)* $ (.03) $ (1.78) $ (.16) $ (3.01)
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* Fully diluted earnings (loss) per share are not presented as the assumed
conversion of the Company's 8% Convertible Debentures is antidilutive.