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EXHIBIT 11
CONSOLIDATED-TOMOKA LAND CO. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
FOR THE THREE MONTHS ENDED FOR THE SIX MONTHS ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1995 1994 1995 1994
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PRIMARY EARNINGS (IN THOUSANDS)
INCOME FROM CONTINUING OPERATIONS 770,428 52,717 515,931 1,695,375
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- (51,188) -- 94,696
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NET INCOME APPLICABLE TO COMMON STOCK 770,428 1,529 515,931 1,790,071
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PRIMARY SHARES USED IN COMPUTATION
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 6,261,272 6,261,272 6,261,272 6,261,272
SHARES APPLICABLE TO STOCK OPTIONS USING THE TREASURY STOCK
METHOD AT AVERAGE MARKET PRICE FOR THE PERIOD 41,386 30,776 28,594 39,634
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TOTAL PRIMARY SHARES 6,302,658 6,292,048 6,289,866 6,300,906
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PRIMARY EARNINGS PER COMMON SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.12 $ 0.01 $ 0.08 $ 0.27
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- ($0.01) -- $ 0.02
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NET INCOME APPLICABLE TO COMMON STOCK $ 0.12 $ 0.00 $ 0.08 $ 0.29
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FULLY DILUTED SHARES USED IN COMPUTATION
TOTAL PRIMARY SHARES 6,302,658 6,292,048 6,289,866 6,300,906
SHARES APPLICABLE TO STOCK OPTIONS IN ADDITION TO THOSE
USED IN PRIMARY COMPUTATION DUE TO USE OF THE HIGHER OF
AVERAGE MARKET PRICE OR PERIOD END MARKET PRICE -- -- 6,365 1,947
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6,302,658 6,292,048 6,296,231 6,302,853
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FULLY DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS $ 0.12 $ 0.01 $ 0.08 $ 0.27
LOSS FROM DISCONT. RESORT OPERATIONS (NET OF TAX) -- ($0.01) -- $ 0.02
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NET INCOME APPLICABLE TO COMMON STOCK $ 0.12 $ 0.00 $ 0.08 $ 0.29
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