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EXHIBIT 11
PONDER INDUSTRIES, INC., AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER SHARE
(IN THOUSANDS, EXCEPT SHARE INFORMATION)
YEARS ENDED AUGUST 31
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1997 1996 1995
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COMPUTATION OF PRIMARY LOSS PER SHARE:
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . $ (9,921) $ (3,892) $ (3,092)
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WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . 13,641,558 8,717,912 6,377,564
WEIGHTED AVERAGE INCREMENTAL SHARES OUTSTANDING UPON
ASSUMED CONVERSION OF OPTIONS . . . . . . . . . . . . . . . . -- -- --
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WEIGHTED AVERAGE COMMON SHARES AND COMMON SHARE
EQUIVALENTS USED FOR COMPUTATION . . . . . . . . . . . . . . 13,641,558 8,717,912 6,377,564
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PRIMARY LOSS PER COMMON SHARE AND COMMON SHARE
EQUIVALENT . . . . . . . . . . . . . . . . . . . . . . . . . $ (.73) $ (.45) $ (.48)
========== =========== =========
COMPUTATION OF FULLY DILUTED LOSS PER SHARE:
Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . $ (9,921) $ (3,892) $ (3,092)
Interest not incurred upon assumed conversion of
convertible debentures . . . . . . . . . . . . . . . . . . 422 254 --
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Net loss available to common stockholders used for
computation . . . . . . . . . . . . . . . . . . . . . . . $ (9,499) $ (3,638) $ (3,092)
========== =========== =========
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK
OUTSTANDING . . . . . . . . . . . . . . . . . . . . . . . . . 13,641,558 8,717,912 6,377,564
WEIGHTED AVERAGE INCREMENTAL SHARES OUTSTANDING UPON
ASSUMED CONVERSION OF OPTIONS . . . . . . . . . . . . . . . . 12,740 30,586 --
WEIGHTED AVERAGE INCREMENTAL SHARES OUTSTANDING UPON
ASSUMED CONVERSION OF CONVERTIBLE DEBENTURES . . . . . . . . 9,609,159 2,790,506 --
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WEIGHTED AVERAGE COMMON SHARES AND COMMON SHARE
EQUIVALENTS USED FOR COMPUTATION . . . . . . . . . . . . . . 23,263,457 11,539,004 6,377,564
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LOSS PER COMMON SHARE AND COMMON SHARE EQUIVALENT
ASSUMING FULL DILUTION . . . . . . . . . . . . . . . . . . . $ (.41)(a) $ (.32)(a) $ (.48)
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(a) This calculation is submitted in accordance with Item
601(b)(11) of Regulation S-K although it is not required by APB
Opinion No. 15 because it is antidilutive.