Exhibit 11
AIR & WATER TECHNOLOGIES CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share amounts)
1996 1995 1994
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Primary Earnings (Loss) Per Share:
1. Income (loss) from continuing operations $ (5,268) $ (7,985) $ (210,991)
2. Less preferred dividends (3,300) (3,300) (1,245)
3. Loss from continuing operations applicable
to common shareholders (8,568) (11,285) (212,236)
4. Loss from discounted operations -- -- (42,787)
5. Extraordinary item -- -- (8,000)
6. Net loss applicable to common shareholders (8,568) (11,285) (264,023)
7. Weighted average shares outstanding 32,018 32,018 27,632
8. Loss per share from continuing operations (3/7) $ (0.27) $ (0.35) $ (7.68)
9. Loss per share from discounted operations (4/7) -- -- (1.55)
10. Loss per share on extraordinary item (5/7) -- -- (0.29)
11. Net loss per share $ (0.27) $ (0.35) $ (9.52)
Fully Diluted Earnings (Loss) Per Share:
12. Line 3, above $ (8,568) $ (11,285) $ (212,236)
13. Add back preferred dividends 3,300 3,300 1,245
14. Add back interest, in assumed conversion of the
Company's 8% Convertible Debentures 9,200 9,200 9,200
15. Income (loss) from continuing operations 3,932 1,215 (201,791)
16. Loss from discounted operations -- -- (42,787)
17. Extraordinary item -- -- (8,000)
18. Net income (loss) $ 3,932 $ 1,215 $ (252,578)
19. Weighted average shares outstanding (Line 7) 32,018 32,018 27,632
20. Add additional shares issuable upon assumed
conversion of preferred shares from date of issuance 4,800 4,800 1,802
21. Add additional shares issuable upon assumed conversion
of the Company's 8% Convertible Debentures 3,833 3,833 3,833
22. Adjusted weighted average shares outstanding 40,651 40,651 33,267
23. Earnings (loss) per share from continuing operations
(15/22) $ 0.10 $ 0.03 $ (6.07)
24. Loss per share from discounted operations (16/22) -- -- (1.29)
25. Loss per share from extraordinary item (17/22) -- -- (0.23)
26. Net income (loss) per share (12/15)* $ 0.10 $ 0.03 $ (7.59)
<FN>
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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 anti-dilutive.