Exhibit 11.1
NORTHEAST FEDERAL CORP.
COMPUTATION OF NET INCOME (LOSS) PER COMMON SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Year Ended Nine Months Ended
December 31, December 31,
------------------------ -----------------
1994 1993 1992
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PRIMARY INCOME (LOSS) PER COMMON SHARE:
Net income (loss).............................. $ 10,966 $ (14,139) $ (59,234)
Preferred stock dividend requirements.......... (3,532) (4,501) (4,652)
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Net income (loss) applicable to common
stockholders for the calculation of primary
loss......................................... $ 7,434 $ (18,640) $ (63,886)
=========== =========== ==========
Weighted average shares outstanding................ 13,621,069 10,648,874 5,725,103
Dilutive effect of outstanding stock options....... 588,299 * *
Dilutive effect of outstanding stock warrants...... 463,607 * *
Unallocated ESOP shares............................ (497,196) - -
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Weighted average shares, as adjusted, for
the calculation of primary loss.................. 14,175,779 10,648,874 5,725,103
=========== =========== ==========
Primary income (loss) per common share...... $ 0.52 $ (1.75) $ (11.16)
=========== =========== ==========
FULLY DILUTED INCOME (LOSS) PER COMMON SHARE:
Net income (loss).............................. $ 10,966 $ (14,139) $ (59,234)
Preferred stock dividend requirements.......... (3,532) (4,501) (4,652)
Interest expense on convertible subordinated
debentures, net of tax....................... - * *
----------- ----------- ----------
Net income (loss) applicable to common
stockholders for the calculation of fully
diluted loss................................. $ 7,434 $ (18,640) $ (63,886)
=========== =========== ==========
Weighted average shares outstanding................ 13,621,069 10,648,874 5,725,103
Dilutive effect of outstanding stock options....... 609,407 * *
Dilutive effect of outstanding stock warrants...... 489,104 * *
Unallocated ESOP shares............................ (497,196) - -
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 income (loss)... 14,222,384 10,648,874 5,725,103
=========== =========== ==========
Fully diluted income (loss) per common share....... $ 0.52 $ (1.75) $ (11.16)
=========== =========== ==========
* 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.
The following table shows the computation of the adjusted weighted average
shares for use in analysis of fully diluted earnings per share under the
treasury stock repurchase method:
Year Ended Nine Months Ended
December 31, December 31,
------------------------------ -------------------
1994 1993 1992
------------- --------------- -------------------
Weighted average shares outstanding............... 13,621,069 13,464,163** 5,725,103
Dilutive effect of outstanding stock options...... 609,407 234,208 234,478
Dilutive effect of outstanding stock warrants..... 489,104 358,318 183,010
Unallocated ESOP shares........................... (497,196) - -
Dilutive effect of shares issuable from assumed:
Conversions of convertible preferred stock..... - - 2,371,039
Convertible subordinated debentures............ - - 26,940
---------- ---------- ---------
Weighted average shares, as adjusted.............. 14,222,384 14,056,689 8,540,570
========== ========== =========
** Reflects the actual conversion of convertible preferred stock as if it had
occurred at the beginning of the period.
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