1 EXHIBIT 11 WORLD ACCESS, INC. COMPUTATION OF EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ------------------------- -------------------------- 1998 1997 1998 1997 ----------- ----------- ------------ ----------- Basic: Weighted average common shares outstanding during the period 21,248,665 19,599,538 20,345,894 18,561,230 =========== =========== ============ =========== Net income (loss) $ 7,029,665 $ 4,370,863 $(35,301,034) $10,411,541 =========== =========== ============ =========== Net income (loss) per share $ 0.33 $ 0.22 $ (1.74) $ 0.56 =========== =========== ============ =========== Assuming full dilution: Weighted average number of common shares outstanding during the period 21,248,665 19,599,538 20,345,894 18,561,230 Assuming exercise of options 790,263 624,478 -- 514,513 Assuming conversion of Notes 3,105,485 -- -- -- ----------- ----------- ------------ ----------- Weighted average number of common shares outstanding as adjusted 25,144,413 20,224,016 20,345,894 19,075,743 =========== =========== ============ =========== Net income (loss) 7,029,665 4,370,863 (35,301,034) 10,411,541 Reduction of interest expense on assumed conversion of Notes 900,000 -- -- -- ----------- ----------- ------------ ----------- Net income (loss) as adjusted $ 7,929,665 $ 4,370,863 $(35,301,034) $10,411,541 =========== =========== ============ =========== Earning per common share assuming full dilution $ 0.32 $ 0.22 $ (1.74) $ 0.55 =========== =========== ============ ===========