EXHIBIT 11.2
NORTHEAST FEDERAL CORP.
COMPUTATION OF NET LOSS PER COMMON SHARE
BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED NINE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, MARCH 31,
1993 1992 1992
------------ ----------------- ----------
PRIMARY LOSS PER COMMON SHARE BEFORE
CUMULATIVE EFFECT OF CHANGE IN AC-
COUNTING PRINCIPLE:
Net income (loss) before
cumulative effect of change in
accounting principle............. $ (14,139) $ (59,234) $ 4,585
Preferred stock dividend require-
ments............................ (4,501) (4,652) (8,506)
----------- ---------- ----------
Loss before cumulative effect of
change in accounting principle
applicable to common stockholders
for the calculation of primary
loss............................. $ (18,640) $ (63,886) $ (3,921)
=========== ========== ==========
Weighted average shares outstanding. 10,648,874 5,725,103 5,720,154
Dilutive effect of outstanding stock
options............................ * * *
Dilutive effect of outstanding stock
warrants........................... * * *
----------- ---------- ----------
Weighted average shares, as adjust-
ed, for the calculation of loss.... 10,648,874 5,725,103 5,720,154
=========== ========== ==========
Primary loss per common share
before cumulative effect of
change in accounting principle... $ (1.75) $ (11.16) $ (.69)
=========== ========== ==========
FULLY DILUTED LOSS PER COMMON SHARE
BEFORE CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING PRINCIPLE:
Net income (loss) before
cumulative effect of change in
accounting principle............. $ (14,139) $ (59,234) $ 4,585
Preferred stock dividend require-
ments............................ (4,501) (4,652) (8,506)
Interest expense on convertible
subordinated debentures, net of
tax.............................. * * *
----------- ---------- ----------
Loss before cumulative effect of
change in accounting principle
applicable to common stockholders
for the calculation of fully
diluted loss..................... $ (18,640) $ (63,886) $ (3,921)
=========== ========== ==========
Weighted average shares outstanding. 10,648,874 5,725,103 5,720,154
Dilutive effect of outstanding stock
options............................ * * *
Dilutive effect of outstanding stock
warrants........................... * * *
Dilutive effect of shares issuable
from assumed conversions of
convertible preferred stock and
convertible subordinated
debentures......................... * * *
----------- ---------- ----------
Weighted average shares, as
adjusted, for the calculation of
fully diluted loss................. 10,648,874 5,725,103 5,720,154
=========== ========== ==========
FULLY DILUTED LOSS PER COMMON SHARE
BEFORE CUMULATIVE EFFECT OF CHANGE
IN ACCOUNTING PRINCIPLE............ $ (1.75) $ (11.16) $ (.69)
=========== ========== ==========
- --------
* The outstanding common stock equivalents (stock options), stock warrants, and
the assumed conversions of the convertible preferred stock and convertible
subordinated debentures did not have a dilutive effect on the computation of
loss per common share before cumulative effect of change in accounting
principle. See table following Exhibit 11.1.
143