1
Exhibit 11
DAUGHERTY RESOURCES, INC.
COMPUTATION OF PER SHARE EARNINGS
(United States Dollars)
Unaudited
The table below presents information necessary for the computation of
loss per share of the common stock, on both a primary and fully diluted basis,
for the nine months ended September 30, 1999 and 1998, and the years ended
December 31, 1998, 1997 and 1996. The computations below reflect the 1 for 5
Reverse Stock Split effective June 30, 1998.
NINE MONTHS ENDED
SEPTEMBER 30 YEAR ENDED DECEMBER 31
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1999 1998 1998 1997 1996
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Net loss applicable to share of
Common Stock and Common
Stock equivalents $(1,267,712) $(1,172,326) $ (902,319) $(1,405,829) $ (734,605)
Average number of shares of
Common Stock Outstanding 2,329,352 2,183,783 2,035,188 1,831,926 1,610,168
Common Stock equivalents 1,514,134 1,464,355 1,448,355 1,353,244 283,293
Total shares of Common Stock
and Common Stock equivalents 3,843,486 3,648,138 3,483,543 3,185,170 1,893,461
Primary loss per share of
Common Stock $ (.54) $ (.54) $ (0.44) $ (.77) $ (.46)
Fully diluted loss per share of $ (.33) $ (.32) $ (0.26) $ (.44) $ (.39)
Common Stock
<FN>
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Common Stock equivalents are considered anti-dilutive because of the net losses incurred by the Company.