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EXHIBIT 11
MITCHAM INDUSTRIES, INC.
STATEMENT RE COMPUTATION OF EARNINGS
PER SHARE
(IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA)
THREE MONTHS ENDED
APRIL 30,
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1998 1999
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COMPUTATION OF BASIC EARNINGS
PER COMMON SHARE:
Net income (loss) $ 1,680 $ (1,242)
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Weighted average number of common
shares outstanding 9,437,000 9,546,000
Earnings per common share $ 0.18 $ (0.13)
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COMPUTATION OF EARNINGS PER COMMON SHARE ASSUMING DILUTION:
Net income (loss) $ 1,680 $ (1,242)
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Weighted average number of common shares outstanding 9,437,000 9,546,000
Net effect of dilutive common stock equivalents
based on the treasury stock method, using
the average market price 320,000 --
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Common shares outstanding assuming dilution 9,757,000 9,546,000
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Earnings per common share assuming dilution $ 0.17 $ (0.13)
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