1 EXHIBIT 11 MITCHAM INDUSTRIES, INC. STATEMENT RE COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS EXCEPT SHARE AND PER SHARE DATA) THREE MONTHS ENDED SIX MONTHS ENDED JULY 31, JULY 31, ------------------------------- ------------------------------ 1999 1998 1999 1998 --------------- --------------- --------------- -------------- COMPUTATION OF BASIC EARNINGS PER COMMON SHARE: Net income (loss) $ (2,092) $ 852 $ (3,334) $ 2,532 ---------- ----------- ---------- ---------- Weighted average number of common shares outstanding 9,551,000 9,508,000 9,550,000 9,471,000 Earnings per common share $ (0.22) $ 0.09 $ (0.35) $ 0.27 ========== =========== ========== ========== COMPUTATION OF EARNINGS PER COMMON SHARE ASSUMING DILUTION: Net income (loss) $ (2,092) $ 852 $ (3,334) $ 2,532 ---------- ----------- ---------- ---------- Weighted average number of common shares 9,551,000 9,508,000 9,550,000 9,471,000 outstanding Net effect of dilutive stock options and warrants based on the treasury stock method, using the average market price -- 195,000 -- 256,000 ---------- ----------- ---------- ---------- Common shares outstanding assuming dilution 9,551,000 9,703,000 9,550,000 9,727,000 ========== =========== ========== ========== Earnings per common share assuming dilution $ (0.22) $ 0.09 $ (0.35) $ 0.26 ========== =========== ========== ==========