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EXHIBIT NO. 11.1
AZCO MINING, INC. (DELAWARE)
STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS for the fiscal
years ended June 30, 1997, 1996 and 1995
1997 1996 1995
Net income (loss) applicable to computation $ (8,155,700) $ 17,127,455 $ (4,698,537)
Weighted average common shares assuming no dilution 25,527,185 25,512,938 25,006,637
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Stock options and warrants that had a dilutive effecting on net
income (based on relationship of market value to exercise price),
assumed to have been exercised on the first day of each period (or
date of grant, if later), less the number of shares which could
have been purchased from the proceeds of such assumed exercise;
number of shares using the weighted average market price for the
assumed purchase of shares described above
260,062 41,384 48,379
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Weighted average common shares applicable to earnings per
common and common equivalent share
25,787,247 25,554,322 25,055,016
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Additional shares using the market close price at the end of the
period for the assumed purchase of shares described above
77,801 14,184
Conversion of convertible debentures at the stated rate assumed to
have been converted at the beginning of the earliest period
reported
135,179
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Weighted average common shares assuming full dilution 25,787,247 25,632,123 25,204,379
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Earnings per common and common equivalent share:
Net income (loss) $ (0.32) $ 0.67 $ (0.19)
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Earnings per common share assuming full dilution:
Net income (loss) $ (0.32) $ 0.67 $ (0.19)
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F-21