CAREER EDUCATION CORPORATION AND SUBSIDIARIES
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
(Amounts in thousands, except per share data)
PRO FORMA
Six Months
Three Months Ended Six Months Ended Ended
June 30, June 30, June 30,
------------------------- ------------------------- -----------
1998 1997 1998 1997 1997
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NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
STOCKHOLDERS, as reported $ 209 $(1,580) $(2,933) $(1,162) $(1,353)
Dividends on preferred stock - 439 274 739 -
Accretion to redemption value of
preferred stocks and warrants - 240 2,055 321 -
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Pro forma income (loss) attributable $ 209 $ (901) $ (604) $ (102) $(1,353)
to common stockholders ======= ======= ======= ======= ======
Pro forma Basic Earnings Per Share:
Common stock outstanding 7,120 768 6,072 768 768
Preferred stock conversion - 1,438 467 1,194 1,194
Warrant conversion - 376 121 311 311
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Total weighted average 7,120 2,582 6,660 2,273 2,273
shares outstanding ======= ======= ======= ======= ======
Pro forma income (loss) per share
attributable to common stockholders $ 0.03 $ (0.35) $ (0.09) $ (0.04) $(0.60)
======= ======= ======= ======= ======
Pro forma Diluted Earnings Per Share:
Common stock outstanding 7,120 768 6,072 768 768
Preferred stock conversion - 1,438 467 1,194 1,194
Warrant conversion - 376 121 311 311
Common stock equivalents 216 - - - -
------- ------- ------- ------- ------
Total weighted average shares 7,336 2,582 6,660 2,273 2,273
outstanding ======= ======= ======= ======= ======
Pro forma income (loss) per share
attributable to common stockholders $ 0.03 $ (0.35) $ (0.09) $ (0.04) $(0.60)
======= ======= ======= ======= ======