1
EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
------------- -------------
1997 1996 1997 1996
---- ---- ---- ----
Primary earnings per share
Net earnings from continuing operations $10 $2,112 $128 $1,692
Deduct dividend requirements:
Preferred stock (7) (7) (22) (22)
Convertible preference stock (377) (377) (1,130) (1,130)
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Net earnings (loss) from continuing operations ($374) $1,728 ($1,024) $540
Net earnings from discontinued operations 0 81 0 141
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Net earnings (loss) applicable to common stock ($374) $1,809 ($1,024) $681
========= ========= ========= =========
Weighted average number of common
shares outstanding (1) 4,152,629 4,132,572 4,148,059 4,127,511
Assuming exercise of options reduced by
the number of shares which could have
been purchased with the proceeds from
exercise of such options (2) 0 0 0 11,325
--------- --------- --------- ---------
Weighted average number of common
shares outstanding as adjusted 4,152,629 4,132,572 4,148,059 4,138,836
========= ========= ========= =========
Primary earnings (loss) per common share:
Continuing operations ($0.09) $0.42 ($0.25) $0.13
Discontinued operations $0.00 $0.02 $0.00 $0.03
--------- --------- --------- ---------
($0.09) $0.44 ($0.25) $0.16
========= ========= ========= =========
(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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EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE (1)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
------------- -------------
1997 1996 1997 1996
---- ---- ---- ----
Fully diluted earnings per share (2)
Net earnings from continuing operations $10 $2,112 $128 $1,692
Deduct dividend requirements of
preferred stock (7) (7) (22) (22)
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Net earnings from continuing operations 3 2,105 106 1,670
Net earnings from discontinued operations 0 81 0 141
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Net earnings applicable to common stock 3 2,186 106 1,811
========= ========= ========= =========
Weighted average number of common
shares outstanding (1) 4,152,629 4,132,572 4,148,059 4,127,511
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 3,280 13,914 13,137
Assuming conversion of convertible
preference stock 731,955 731,955 731,955 731,955
--------- --------- --------- ---------
Weighted average number of common
shares outstanding as adjusted 4,884,584 4,867,80 4,893,928 4,872,603
========= ========= ========= =========
Fully diluted earnings per common share:
Continuing operations $0.00 $0.43 $0.02 $0.34
Discontinued operations $0.00 $0.02 $0.00 $0.03
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$0.00 $0.45 $0.02 $0.37
========= ========= ========= =========
(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.