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WATERMARC FOOD MANAGEMENT CO. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARES
13 WEEKS ENDED
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DECEMBER 29, DECEMBER 31,
1996 1995
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Computation of primary earnings (loss) per common and common equivalent shares:
Net earnings (loss) applicable to common stock ($ 848,153) $ 19,041
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Weighted average number of common shares outstanding 13,433,658 11,178,784
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Primary earnings (loss) per common share ($ 0.06) $ 0.00
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Computation of earnings (loss) per common share assuming full dilution (A):
Net earnings (loss) applicable to common stock ($ 848,153) $ 19,041
Dividends on preferred stock 74,149 74,149
Interest on 9% convertible subordinated debentures 4,883 4,882
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Earnings (loss) assuming full dilution ($ 769,121) $ 98,072
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Weighted average number of shares outstanding 13,433,658 11,178,784
Common shares issuable from stock option plans
and from warrants 123,332 0
Less shares assumed repurchased with proceeds (50,120) 0
Shares assumed issued upon conversion of
preferred stock 411,925 411,925
Shares assumed issued upon conversion of 9%
subordinated debentures 43,400 42,200
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Common shares outstanding assuming full dilution 13,982,195 11,632,909
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Earnings (loss) per common and common equivalent
share assuming full dilution ($ 0.06) $ 0.01
============ ============
(A) This calculation is submitted in accordance with the Securities and
Exchange Act of 1934, Release No. 9083, although it is contrary to
paragraph 40 of APB Opinion No. 15 because it produced an anti-dilutive
result.
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WATERMARC FOOD MANAGEMENT CO. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON AND COMMON EQUIVALENT SHARES
26 WEEKS ENDED
DECEMBER 29, 1996 DECEMBER 31, 1995
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Computation of primary earnings (loss) per common and common equivalent shares:
Net earnings (loss) applicable to common stock ($ 903,604) $ 26,517
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Weighted average number of common shares outstanding 13,433,658 11,145,405
============ ============
Primary earnings (loss) per common share ($ 0.07) $ 0.00
============ ============
Computation of earnings (loss) per common share assuming full dilution (A):
Net earnings (loss) applicable to common stock ($ 903,604) $ 26,517
Dividends on preferred stock 148,298 148,298
Interest on 9% convertible subordinated debentures 9,764 9,764
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Earnings (loss) assuming full dilution ($ 745,542) $ 184,579
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Weighted average number of shares outstanding 13,433,658 11,145,405
Common shares issuable from stock option plans
and from warrants 121,668 0
Less shares assumed repurchased with proceeds (43,225) 0
Shares assumed issued upon conversion of
preferred stock 411,925 411,925
Shares assumed issued upon conversion of 9%
subordinated debentures 43,400 42,200
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Common shares outstanding assuming full dilution 13,967,426 11,599,530
============ ============
Earnings (loss) per common and common equivalent
share assuming full dilution ($ 0.05) $ 0.02
============ ============
(A) This calculation is submitted in accordance with the Securities and
Exchange Act of 1934, Release No. 9083, although it is contrary to
paragraph 40 of APB Opinion No. 15 because it produced an anti-dilutive
result.
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