1 EXHIBIT 11 BIRD CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE (1) (Thousands of dollars, except share and per share amounts) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 1995 1994 1995 1994 ----------- ----------- ----------- ----------- Primary earnings per share -------------------------- Net earnings (loss) from continuing operations $ (4,066) $ (1,480) $ 4,970 $ (4,878) Deduct dividend requirements: Preferred stock (7) (7) (14) (15) Convertible preference stock (377) (377) (754) (753) ----------- ----------- ----------- ----------- Net earnings (loss) from continuing operations (4,450) (1,864) 4,202 (5,646) Net loss from discontinued operations (11,368) (5,708) (11,604) (6,458) ----------- ----------- ----------- ----------- Net loss applicable to common stock $ (15,818) $ (7,572) $ (7,402) $ (12,104) ----------- ----------- ----------- ----------- Weighted average number of common shares outstanding (1) 4,110,345 4,169,269 4,094,456 4,150,599 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from exercise of such options (3) 0 0 0 0 ----------- ----------- ----------- ----------- Weighted average number of common shares outstanding as adjusted 4,110,345 4,169,269 4,094,456 4,150,599 ----------- ----------- ----------- ----------- Primary earnings (loss) per common share: Continuing operations $ (1.08) $ (0.45) $ 1.03 $ (1.36) Discontinued operation $ (2.77) $ (1.37) $ (2.84) $ (1.56) ----------- ----------- ----------- ----------- Net earnings (loss) $ (3.85) $ (1.82) $ (1.81) $ (2.92) =========== =========== =========== =========== 2 EXHIBIT 11 BIRD CORPORATION COMPUTATION OF EARNINGS PER COMMON SHARE (1) (Thousands of dollars, except share and per share amounts) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 1995 1994 1995 1994 ----------- ----------- ----------- ----------- Fully diluted earnings per share (2) ------------------------------------- Net earnings (loss) from continuing operations $ (4,066) $ (1,480) $ 4,970 $ (4,878) Deduct dividend requirements of preferred stock (7) (7) (14) (15) ----------- ----------- ----------- ----------- Net earnings (loss) from continuing operations $ (4,073) $ (1,487) $ 4,956 $ (4,893) Net loss from discontinued operations (11,368) (5,708) (11,604) (6,458) ----------- ----------- ----------- ----------- Net loss applicable to common stock $ (15,441) $ (7,195) $ (6,648) $ (11,351) ----------- ----------- ----------- ----------- Weighted average number of common shares outstanding (1) 4,110,345 4,169,269 4,094,456 4,150,599 Assuming exercise of options reduced by the number of shares which could have been purchased with the proceeds from exercise of such options (3) 0 0 0 0 Assuming conversion of convertible preference stock 731,955 731,955 731,955 731,955 ----------- ----------- ----------- ----------- Weighted average number of common shares outstanding as adjusted 4,842,300 4,901,224 4,826,411 4,882,554 ----------- ----------- ----------- ----------- Fully diluted earnings (loss) per common share applicable to common stock: Continuing operations $ (0.84) $ (0.30) $ 1.03 $ (1.00) Discontinued operation $ (2.35) $ (1.17) $ (2.41) $ (1.33) ----------- ----------- ----------- ---------- $ (3.19) $ (1.47) $ (1.38) $ (2.33) =========== =========== =========== ========== <FN> (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.