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EXHIBIT 11
IRIDIUM LLC
(A DEVELOPMENT STAGE LIMITED LIABILITY COMPANY)
COMPUTATION OF LOSS PER CLASS 1 INTEREST
(IN THOUSANDS EXCEPT MEMBER INTEREST DATA)
YEARS ENDED DECEMBER 31, SIX MONTHS ENDED JUNE 30,
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1994 1995 1996 1996 1997
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NET LOSS APPLICABLE TO CLASS 1 INTERESTS:
Net loss $ 14,834 $ 23,645 $ 73,598 $ 17,503 $ 83,854
Preferred dividend requirement -- -- 3,652 839 3,607
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Net loss applicable to Class 1 Interests $ 14,834 $ 23,645 $ 77,250 $ 18,342 $87,461
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AVERAGE NUMBER OF CLASS 1 INTERESTS:
Average number of Class 1 Interests
outstanding 520,537 1,175,505 1,601,541 118,729,176 123,625,227
Fully diluted adjustments (2):
Subscribed but unissued Class 1 Interests 609,787 412,273 5,779 1,536,024 770,716
Assumed exercise of options and warrants 6,979 12,258 65,839 2,843,367 10,425,446
Assumed conversion of Series A Class 2
Interest -- -- 10,693 226,359 869,544
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Average number of Class 1 Interests assumed to
be outstanding, assuming full dilution 1,137,303 1,600,036 1,683,852 123,334,926 135,690,933
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NET LOSS PER CLASS 1 INTEREST:
Primary (1) $ 28.50 $ 20.11 $ 48.23 $ 0.15 $ 0.71
Fully diluted (2) $ 13.04 $ 14.78 $ 45.88 $ 0.14 $ 0.62
(1) The assumed exercise of options and warrants in periods of net loss are
anti-dilutive and are not included in the computation and presentation of
primary loss per Class 1 Interest.
(2) The assumed exercise of options, warrants, and conversion of Series A Class
2 Interests are anti-dilutive but are included in the calculation of fully
diluted loss per Class 1 Interest in accordance with Regulation S-K, Item
601 (a) (11).