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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 NINE MONTHS ENDED (DATE OF
SEPTEMBER 30, SEPTEMBER 30, INCEPTION) TO
------------------------------ ------------------------------ SEPTEMBER 30,
1997 1996 1997 1996 1997
------------ -------------- -------------- ------------ ------------
Weighted average
common stock
outstanding ............... 24,791,763 24,058,133 24,573,637 22,178,701 12,443,197
Common stock issued and
stock options granted in
accordance with SAB
No. 83 ................... -- -- -- -- 1,337,912
---------- -------------- -------------- ------------- ------------
Total ...................... 24,791,763 24,058,133 24,573,637 22,178,701 13,781,109
========== ============== ============== ============= ============
Net loss................... $(2,386,858) $ (1,795,267) $ (6,596,360) $ (5,500,524) $(52,289,439)
========== ============== ============== ============= ============
Per share amount........... $ (0.10) $ (0.07) $ (0.27) $ (0.25) $ (3.79)
========== ============== ============== ============= ============
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