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MET-COIL SYSTEMS CORPORATION
EXHIBIT 11 - COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
February 28, February 28,
1998 1997 1998 1997
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Common shares outstanding, beginning of period 3,116 3,127 3,152 3,031
Weighted average of common shares issued (purchased) 1 12 (29) 97
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WEIGHTED AVERAGE SHARES OUTSTANDING (BASIC) 3,117 3,139 3,123 3,128
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Weighted average of dilutive shares attributable to:
Stock options granted, computed using the treasury stock method 77 0 69 0
Convertible preferred stock, computed using the "if converted" method 0 0 0 0
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WEIGHTED AVERAGE NUMBER OF SHARES (DILUTED) 3,194 3,139 3,192 3,128
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Net income (loss) $437 ($1,242) $1,276 ($513)
Preferred stock dividends and accretion 160 117 480 351
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Net income (loss) applicable to common stock $277 ($1,359) $796 ($864)
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Earnings (loss) per share:
Basic $0.09 ($0.43) $0.25 ($0.28)
Diluted $0.09 ($0.43) $0.25 ($0.28)