1
EXHIBIT 11
ALL AMERICAN FOOD GROUP, INC. (FORMERLY JUTLAND FOOD GROUP, INC.) AND
SUBSIDIARIES SCHEDULE OF COMPUTATION OF NET LOSS PER SHARE
Six Months Ended April 30, Year Ended
------------------------------- January 31,
1996 1995 1996
---- ---- ----
PRIMARY
-------
Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . ($524,154) ($856,656) ($1,152,574)
Less- increase in carrying amount of redeemable
preferred stock . . . . . . . . . . . . . . . . . . . . . . (707,540) -- --
--------------------------------------------------------
($1,231,694) ($856,656) ($1,152,574)
========================================================
Weighted average number of common shares outstanding . . . . . 1,886,905 2,305,201 1,886,300
Add - common shares (determined using the "treasury
stock" (method) representing additional shares(1)
as if those shares were outstanding for all periods) . . . . 1,891,070 1,891,070 1,891,070
--------------------------------------------------------
Weighted average number of shares used in calculation of primary
loss per share . . . . . . . . . . . . . . . . . . . . . . . . 3,777,975 4,196,271 3,777,370
========================================================
Primary net loss per common share . . . . . . . . . . . . . . . ($0.33) ($0.20) ($0.31)
========================================================
FULLY DILUTED
-------------
Net loss for primary loss per common share
and for fully diluted per share amounts . . . . . . . . . . . . ($1,231,694) ($856,656) ($1,152,574)
========================================================
Weighted average number of shares used in calculating
primary loss per share . . . . . . . . . . . . . . . . . . . . 3,777,975 4,196,271 3,777,370
Add incremental shares representing:
Shares issuable upon conversion of convertible
preferred stock . . . . . . . . . . . . . . . . . . . . . . 1,165,732 1,192,976 1,217,055
Shares issuable upon exercise of stock options . . . . . . . . 27,500 13,522 27,500
--------------------------------------------------------
Weighted average number of shares used in calculation
of fully diluted loss per share . . . . . . . . . . . . . . . . 4,971,207 5,402,769 5,021,925
========================================================
Fully diluted net loss per common share . . . . . . . . . . . . ($0.25) ($0.16) ($0.23)
========================================================
September 27,
Nine Months 1993
Ended Year Ended (Inception) to
October 31, January 31, January 31,
1995 1995 1994
---- ---- ----
PRIMARY
-------
Net Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . ($999,369) ($1,062,621) ($60,025)
Less- increase in carrying amount of redeemable
preferred stock . . . . . . . . . . . . . . . . . . . . . . -- -- --
---------------------------------------------------------
($999,369) ($1,062,621) ($60,025)
=========================================================
Weighted average number of common shares outstanding . . . . . 1,886,300 1,966,167 1,250,000
Add - common shares (determined using the "treasury
stock" (method) representing additional shares(1)
as if those shares were outstanding for all periods) . . . . 1,891,070 1,891,070 1,891,070
---------------------------------------------------------
Weighted average number of shares used in calculation of primary
loss per share . . . . . . . . . . . . . . . . . . . . . . . . 3,777,370 3,857,237 3,141,070
=========================================================
Primary net loss per common share . . . . . . . . . . . . . . . ($0.26) ($0.28) ($0.02)
=========================================================
FULLY DILUTED
-------------
Net loss for primary loss per common share
and for fully diluted per share amounts . . . . . . . . . . . . ($999,369) ($1,062,621) ($60,025)
=========================================================
Weighted average number of shares used in calculating
primary loss per share . . . . . . . . . . . . . . . . . . . . 3,777,370 3,857,237 3,141,070
Add incremental shares representing:
Shares issuable upon conversion of convertible
preferred stock . . . . . . . . . . . . . . . . . . . . . . 1,214,377 100,000 --
Shares issuable upon exercise of stock options . . . . . . . . 27,500 -- --
---------------------------------------------------------
Weighted average number of shares used in calculation
of fully diluted loss per share . . . . . . . . . . . . . . . . 5,019,247 3,957,237 3,141,070
=========================================================
Fully diluted net loss per common share . . . . . . . . . . . . ($0.20) ($0.27) ($0.02)
=========================================================
(1) Additional shares represent the number of shares and options
issued within the twelve months prior to the Company filing a
registration statement on May 3, 1996 for an initial public offering
(IPO) that were issued for consideration per share or at an exercise
price per share less than the anticipated IPO price of $6.00 per
share.