1 Exhibit 11(a) REN CORPORATION - USA Statement re: Computation of Earnings Per Share Three Months Ended Six Months Ended ------------------ ---------------- June 30 June 30 --------------------- ------------------- 1995 1994 1995 1994 ---- ---- ---- ---- Primary (1): Average shares outstanding 18,922,220 18,849,840 18,919,090 18,829,694 Net effect of dilutive convertible debt, stock options and warrants, and shares issuable upon the conversion of certain promissory notes 105,356 36,347 102,699 39,238 ----------- ----------- ----------- ----------- Total outstanding shares and share equivalents 19,027,576 18,886,187 19,021,789 18,868,932 =========== =========== =========== =========== Net income $ 3,183,830 $ 1,884,857 $ 6,056,760 $ 3,123,323 =========== =========== =========== =========== Earnings per share $ .17 $ .10 $ 0.32 $ .17 =========== =========== =========== =========== (1) There is no difference between primary and fully diluted earnings per share.