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EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(In thousands, except share and per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1997 1996 1997 1996
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Primary earnings per share
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Net earnings (loss) $ 791 $ 1,200 $ 118 $ (360)
Deduct dividend requirements:
Preferred stock (7) (7) (14) (14)
Convertible preference stock (377) (377) (754) (754)
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Net earnings (loss) applicable to
common stock $ 407 $ 816 $ (650) $ (1,128)
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Weighted average number of common
shares outstanding (1) 4,148,125 4,127,164 4,145,736 4,124,953
Assuming exercise of options reduced by
the number of shares which could have
been purchased with the proceeds from
exercise of such options (2) 857 32,238 0 0
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Weighted average number of common
shares outstanding as adjusted 4,148,982 4,159,402 4,145,736 4,124,953
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Primary earnings (loss) per common share $ 0.10 $ 0.20 $ (0.16) $ (0.27)
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(1) See Note 3 of Notes to Consolidated Financial Statements.
(2) 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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BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(In thousands, except share and per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
----------------------------- ------------------------------
1997 1996 1997 1996
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Fully diluted earnings per share (2)
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Net earnings (loss) $ 791 $ 1,200 $ 118 $ (360)
Deduct dividend requirements of
preferred stock (7) (7) (14) (14)
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Net earnings (loss) applicable to
common stock 784 1,193 104 $ (374)
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Weighted average number of common
shares outstanding (1) 4,148,125 4,127,164 4,145,736 4,124,953
Assuming exercise of options reduced by
the number of shares which could have
been purchased with the proceeds from
exercise of such options (3) 857 32,238 20,871 0
Assuming conversion of convertible
preference stock 731,955 731,955 731,955 731,955
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Weighted average number of common
shares outstanding as adjusted 4,880,937 4,891,357 4,898,562 4,856,908
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Fully diluted earnings (loss) per common share $ 0.16 $ 0.24 $ 0.02 $ (0.08)
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(1) See Note 3 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.