1
EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE(1)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
-------------------------------------
1997 1996 1995
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Basic earnings per share(1)
Earnings (loss) from continuing operations............ $ (977) $ 2,169 $ (797)
Deduct dividend requirements:
Preferred stock.................................... (30) (30) (30)
Convertible preference stock....................... (1,506) (1,506) (1,506)
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Net earnings (loss) from continuing operations........ (2,513) 633 (2,333)
Net earnings (loss) from discontinued operations...... 595 134 (11,252)
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Net earnings (loss) applicable to common stock........ $ (1,918) $ 767 $ (13,585)
========== ========== =========
Weighted average number of common shares
outstanding........................................ 4,150,566 4,130,224 4,104,965
========== ========== =========
Basic earnings (loss) per common share:
Continuing operations.............................. $ (0.60) $ 0.15 $ (0.57)
Discontinued operations............................ 0.14 0.03 (2.74)
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Applicable to common stock......................... $ (0.46) $ 0.18 $ (3.31)
========== ========== =========
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(1) See Note 1 of Notes to Consolidated Financial Statements.
2
EXHIBIT 11
BIRD CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE(1)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
YEAR ENDED DECEMBER 31,
--------------------------------------
1997 1996 1995
---------- ---------- ----------
Diluted earnings per share(1)
Earnings (loss) from continuing operations........... $ (977) $ 2,169 $ (797)
Deduct dividend requirements of preferred stock...... (30) (30) (30)
---------- ---------- ----------
Net earnings (loss) from continuing operations....... (1,007) 2,139 (827)
Net earnings (loss) from discontinued operations..... 595 134 (11,252)
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Net earnings (loss) applicable to common stock....... $ (412) $ 2,273 $ (12,079)
========== ========== ==========
Weighted average number of common shares
outstanding....................................... 4,150,566 4,130,224 4,104,965
Assuming exercise of options reduced by the number of
shares which could have been purchased with the
proceeds from exercise of such options............ 0 17,203 0
Assuming conversion of convertible preference
stock(2).......................................... 731,955 731,955 731,955
---------- ---------- ----------
Weighted average number of common shares outstanding
as adjusted....................................... 4,882,521 4,879,382 4,836,920
========== ========== ==========
Diluted earnings (loss) per common share:
Continuing operations............................. $ (0.21) $ 0.44 $ (0.17)
Discontinued operations........................... 0.12 0.03 (2.33)
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Applicable to common stock........................ $ (0.08) $ 0.47 $ (2.50)
========== ========== ==========
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(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
paragraphs 13-17 of Statement of Financial Accounting Standards No. 128,
Earnings per Share ("SFAS 128") because it produces an anti-dilutive result.
Computation of diluted 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.