1
EXHIBIT 11.1
LORAL SPACE & COMMUNICATIONS LTD.
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(In thousands, except per share amounts)
(Unaudited)
THREE MONTHS ENDED
------------------------------
SEPTEMBER 30, DECEMBER 31,
1997 1996
------------- ------------
Primary:
Weighted average common shares outstanding during the period..... 200,547 191,092
Assumed conversion of Series A Convertible Preferred Stock....... 45,897 45,897
Dilutive effect of stock options................................. * *
-------- --------
246,444 236,989
======== ========
Net income (loss) applicable to common stockholders.............. $ (15,595) $ 4,623
======== ========
Primary earnings (loss) per share.................................. $ (0.06) $ 0.02
======== ========
Fully Diluted:
Weighted shares -- primary....................................... 246,444 236,989
Incremental increase to dilutive effect of stock options......... ** **
Weighted shares issuable upon conversion of Convertible Preferred
Equivalent Obligations or Series C Redeemable Preferred
Stock***...................................................... ** **
-------- --------
246,444 236,989
======== ========
Earnings:
Net income (loss) applicable to common stockholders.............. $ (15,595) $ 4,623
Interest expense on Convertible Preferred Equivalent Obligations,
net of tax or dividends on Series C Redeemable Preferred
Stock***...................................................... ** **
-------- --------
$ (15,595) $ 4,623
======== ========
Fully diluted earnings (loss) per share............................ $ (0.06) $ 0.02
======== ========
- ---------------
* Dilutive effect of stock options is less than 3%.
** Effect is antidilutive.
*** The Convertible Preferred Equivalent Obligations were exchanged for Series C
Redeemable referred Stock on June 5, 1997.