1 EXHIBIT 11 INTERNATIONAL AIRCRAFT INVESTORS COMPUTATION OF PER SHARE EARNINGS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, -------------------------------- 1997 1996 ---------- ---------- Weighted average common shares outstanding 81,110 70,000 Weighted average common equivalent shares outstanding 1,674,402 1,766,762 ---------- ---------- Weighted average common and common equivalent shares outstanding 1,755,512 1,836,762 ========== ========== Net income $ 99,997 $ 150,715 ========== ========== Net income per common and common equivalent share $ 0.06 $ 0.08 ========== ========== NINE MONTHS ENDED SEPTEMBER 30, ------------------------------- 1997 1996 ---------- ---------- Weighted average common shares outstanding 73,703 70,000 Weighted average common equivalent shares outstanding 1,692,087 1,766,762 ---------- ---------- Weighted average common and common equivalent shares outstanding 1,765,790 1,836,762 ========== ========== Net income $ 359,184 $ 455,008 ========== ========== Net income per common and common equivalent share $ 0.20 $ 0.25 ========== ========== -17-