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EXHIBIT 11.
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE-MONTH PERIOD ENDED SEPTEMBER 30, 1999
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ASSUMING
BASIC DILUTION (2)
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WEIGHTED AVERAGE OF OUTSTANDING SHARES 37,384,519 37,384,519
COMMON EQUIVALENT SHARES:
OUTSTANDING STOCK OPTIONS N/A 613,951
OTHER POTENTIALLY DILUTIVE SECURITIES:
CONVERTIBLE NOTES (1) N/A 3,571,429
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SHARES USED IN COMPUTING
NET INCOME PER COMMON SHARE 37,384,519 41,569,899
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NET INCOME $ (32,649,000) $(32,649,000)
ADJUSTMENTS ASSUMING DILUTION:
INTEREST EXPENSE ADJUSTMENT, NET OF APPLICABLE TAXES N/A 1,250,000
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NET INCOME $ (32,649,000) $(31,399,000)
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NET INCOME PER COMMON SHARE (AS CALCULATED) $ (0.87) $ (0.76)
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NET INCOME PER COMMON SHARE $ (0.87) $ (0.87)
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NINE-MONTH PERIOD ENDED SEPTEMBER 30, 1999
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ASSUMING
BASIC DILUTION (2)
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WEIGHTED AVERAGE OF OUTSTANDING SHARES 37,240,742 37,240,742
COMMON EQUIVALENT SHARES:
OUTSTANDING STOCK OPTIONS N/A 936,934
OTHER POTENTIALLY DILUTIVE SECURITIES:
CONVERTIBLE NOTES (1) N/A 3,571,429
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SHARES USED IN COMPUTING
NET INCOME PER COMMON SHARE 37,240,742 41,749,105
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NET INCOME $ (71,507,000) $(71,507,000)
ADJUSTMENTS ASSUMING DILUTION:
INTEREST EXPENSE ADJUSTMENT, NET OF APPLICABLE TAXES N/A 3,750,000
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NET INCOME $ (71,507,000) $(67,757,000)
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NET INCOME PER COMMON SHARE (AS CALCULATED) $ (1.92) $ (1.62)
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NET INCOME PER COMMON SHARE $ (1.92) $ (1.92)
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NOTES:
(1) - On September 16, 1997, the company sold $100 million of 5% convertible
subordinated notes due October 2002. The notes are convertible at the
option of the holders into Orbital common stock at a conversion price
of $28.00 per share.
(2) - Subsidiary stock options that enable holders to obtain subsidiary's
common stock pursuant to effective stock option plans are included in
computing the subsidiary's earnings per share, to the extent dilutive.
Those earnings per share data are included in the Company's per share
computations based on the Company's holdings of the subsidiary's stock.
For the three and nine months ended September 30, 1999, all such
subsidiary stock options were anti-dilutive