1
EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(Thousands of dollars, except share and per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1994 1993
---- ---- ---- ----
Primary earnings per share
- --------------------------
Net earnings (loss) $2,397 ($1,284) ($8,939) $469
Deduct dividend requirements:
Preferred stock (7) (7) (22) (22)
Convertible preference stock (377) (377) (1,130) (1,130)
--------- --------- --------- ---------
Net earnings (loss) applicable
to common stock $2,013 ($1,668) ($10,091) ($683)
--------- --------- --------- ---------
Weighted average number of common
shares outstanding (1) 3,822,763 4,031,198 4,051,050 4,012,551
Assuming exercise of options reduced by
the number of shares which could have
been purchased with the proceeds from
exercise of such options (3) 18,103 83,360 0 60,820
--------- --------- --------- ---------
Weighted average number of common
shares outstanding as adjusted 3,840,866 4,114,558 4,051,050 4,073,371
--------- --------- --------- ---------
Primary earnings (loss) per common share:
Continuing operations $0.76 $0.29 ($0.67) $0.48
Discontinued operation ($0.24) ($0.70) ($1.82) ($1.32)
Cumulative effect of accounting change $0.00 $0.00 $0.00 0.67
--------- --------- --------- ---------
Net earnings (loss) $0.52 ($0.41) ($2.49) ($0.17)
========= ========= ========= =========
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2
EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(Thousands of dollars, except share and per share amounts)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1994 1993 1994 1993
---- ---- ---- ----
Fully diluted earnings per share (2)
- ------------------------------------
Net earnings (loss) $2,397 ($1,284) ($8,939) $469
Deduct dividend requirements of
preferred stock (7) (7) (22) (22)
--------- --------- --------- ---------
Net earnings (loss) applicable
to common stock $2,390 ($1,291) ($8,961) $447
--------- --------- --------- ---------
Weighted average number of common
shares outstanding (1) 3,822,763 4,031,198 4,051,050 4,013,667
Assuming exercise of options reduced by
the number of shares which could have
been purchased with the proceeds from
exercise of such options (3) 18,103 83,360 0 61,572
Assuming conversion of convertible
preference stock 731,955 731,955 731,955 731,955
--------- --------- --------- ---------
Weighted average number of common
shares outstanding as adjusted 4,572,821 4,846,513 4,783,005 4,807,194
--------- --------- --------- ---------
Fully diluted earnings (loss) per common share
applicable to common stock:
Continuing operations $0.72 $0.32 ($0.33) $0.64
Discontinued operation ($0.20) ($0.59) ($1.54) ($1.12)
Cumulative effect of accounting change $0.00 $0.00 $0.00 $0.57
--------- --------- --------- ---------
$0.52 ($0.27) ($1.87) $0.09
--------- --------- --------- ---------
(1) See Note 1 of Notes to Consolidated Financial Statements.
(2) These calculations are submitted in accordance with Securities Exchange
Act of 1934, Release No. 9083, although in certain instances, it is
contrary to paragraph 40 of APB Opinion No. 15 because it produces an
anti-dilutive result.
(3) APB 15 paragraph 30 indicates, computation of primary earnings per share
should not give effect to common stock equivalents if their inclusion
has the effect of decreasing the loss per share amount otherwise computed
or is anti-dilutive.
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