CAREER EDUCATION CORPORATION AND SUBSIDIARIES
EXHIBIT 11
Statement Regarding Computation of Earnings Per Share
(Amounts in thousands, except per share data)
PRO FORMA
Nine Months
Three Months Ended Nine Months Ended Ended
September 30, September 30, September 30,
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1998 1997 1998 1997 1997
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NET INCOME (LOSS) ATTRIBUTABLE TO COMMON
STOCKHOLDERS, as reported $ 541 $(2,819) $(2,392) $(3,981) $(1,816)
Dividends on preferred stock - 705 274 1,444 -
Accretion to redemption value of
preferred stocks and warrants - 377 2,055 698 -
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Pro forma income (loss) attributable $ 541 $(1,737) $ (63) $(1,839) $(1,816)
to common stockholders ======= ======= ======= ======= =======
Pro forma Basic Earnings Per Share:
Common stock outstanding 7,142 768 6,309 768 2,686
Preferred stock conversion - 2,354 310 1,593 2,207
Warrant conversion - 644 80 427 -
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Total weighted average 7,142 3,766 6,699 2,788 4,893
shares outstanding ======= ======= ======= ======= =======
Pro forma income (loss) per share
attributable to common stockholders $ 0.08 $ (0.46) $ (0.01) $ (0.66) $ (0.37)
======= ======= ======= ======= =======
Pro forma Diluted Earnings Per Share:
Common stock outstanding 7,142 768 6,309 768 2,686
Preferred stock conversion - 2,354 310 1,593 2,207
Warrant conversion - 644 80 427 -
Common stock equivalents 196 - - - -
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Total weighted average shares 7,338 3,766 6,699 2,788 4,893
outstanding ======= ======= ======= ======= =======
Pro forma income (loss) per share
attributable to common stockholders $ 0.07 $ (0.46) $ (0.01) $ (0.66) $ (0.37)
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