UNIVERSAL DISPLAY CORPORATION
(a development-stage company)
NET LOSS PER COMMON SHARE CALCULATION (A)
EXHIBIT 11
Three Months Six Months
Ended June 30, June 30,
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1997 1996 1997 1996
---- ---- ---- ----
Net loss per common share:
Net Loss ($ 809,715) ($ 426,552) ($1,410,205) ($ 763,060)
Weighted average number of shares outstanding 8,937,268 8,794,411 8,937,268 8,287,268
Incremental number of shares related to Common Stock
issuances within 12 months of the initial public offering -- -- -- --
Incremental number of shares related to Common
Stock options and warrants
granted within 12 months of
the initial public offering -- -- -- 254,269
Adjusted weighted average number of shares outstanding 8,937,268 8,794,411 8,937,268 8,541,537
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Net loss per common share ($ 0.09) $ (0.05) $ (0.16) $ (0.09)
=========== =========== =========== ===========
(A) Net loss per Common share was calculated by dividing the net loss by the
weighted average number of Common shares outstanding for the respective
periods. Pursuant to the requirements of the Securities and Exchange
Commission, Common stock issued by the Company during the twelve months
immediately preceding the initial public offering has been included in the
calculation of shares used in computing net loss per Common share as if
they were outstanding for all periods presented up to the April 1996 public
offering. In addition, options and warrants to purchase Common stock issued
by the Company during the 12 months immediately preceding the public
offering have been included in the calculation of shares used in computing
net loss per Common share as if they were outstanding for all periods
presented up to the April 1996 public offering (using the treasury stock
method and an initial public offering price of $5.00 per share).