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EXHIBIT 11
AER ENERGY RESOURCES, INC.
(A DEVELOPMENT STAGE COMPANY)
COMPUTATION OF EARNINGS PER SHARE (UNAUDITED)
PERIOD FROM
JULY 17, 1989
THREE MONTHS ENDED SIX MONTHS ENDED (DATE OF
JUNE 30, JUNE 30, INCEPTION) TO
------------------------------ ------------------------------ JUNE 30,
1996 1995 1996 1995 1996
------------- ------------- ------------- ------------- -------------
Weighted average Common
Stock outstanding . . . 23,153,314 17,242,877 21,232,881 17,237,384 10,281,292
Common Stock issued and
stock options granted in
accordance with SAB
No. 83 . . . . . . . . -- -- -- -- 1,577,051
------------- ------------- ------------- ------------- -------------
Total . . . . . . . . . . 23,153,314 17,242,877 21,232,044 17,237,384 11,858,343
============= ============= ============= ============= =============
Net loss . . . . . . . . $ (1,954,155) $ (2,351,011) $ (3,705,258) $ (5,681,881) $ (41,839,016)
============= ============= ============= ============= =============
Per share amount . . . . $ (0.08) $ (0.14) $ (0.17) $ (0.33) $ (3.53)
============= ============= ============= ============= =============
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