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EXHIBIT 11
CONSULIER ENGINEERING, INC.
COMPUTATION OF EARNINGS PER SHARE
PRIMARY AND FULLY DILUTED
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1995 1994 1995 1994
---------- ---------- ---------- ----------
Net Income $ 218,130 $ 142,084 $ 697,578 $ 650,920
Tax effected
debt reduction (1) N/A N/A N/A 60,800
--------- --------- --------- ---------
Adjusted Net income $ 218,130 $ 142,084 $ 697,578 $ 711,720
========= ========= ========= =========
Shares used in
computation:
Weighted average
number of
common shares
outstanding 2,520,211 2,519,586 2,521,627 2,532,720
Common stock
equivalents
from assumed
issuance using
the treasury
stock method -
Stock options and
warrants 155,698 N/A (2) 152,057 283,479
---------- ---------- ---------- ----------
Primary shares O/S 2,675,909 2,803,065 2,673,684 2,816,199
========== ========== ========== ==========
Earnings per share: $ .08 $ .06 $ .26 $ .25
========== ========== ========== ==========
NOTES:
(1) At September 30, 1994 under the modified treasury stock method proceeds
from the issuance of options and warrants exceeded the cost of
repurchasing 20% of outstanding shares at average market price for the
period. Accordingly, a debt reduction and the investment of funds in
Treasury securities was assumed. Income was therefore adjusted net of
the related tax effect.
(2) For the three month period ended September 30, 1994 the modified treasury
stock method was anti-dilutive. Therefore, weighted average common
shares were used in computing earnings per share.
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