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DAUGHERTY RESOURCES, INC. EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(United States Dollars)
Unaudited
For the three months
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Ended March 31, For the Years Ended December 31,
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2001 2000 2000 1999 1998
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Net income (loss) applicable to share
of Common Stock and Common
Stock Equivalents $ 985,916 $ 720,442 $ 48,639 $(7,220,920) $(1,568,348)
Average number of shares of
Common Stock Outstanding 3,446,493 2,520,628 2,957,366 2,261,754 2,035,188
Common Stock equivalents* 6,015,650 6,004,697 6,016,729 5,933,586 1,725,960
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Total shares of Common Stock and
Common Stock equivalents 9,462,143 8,525,325 8,974,095 8,195,340 3,761,148
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Primary income (loss) per share of
Common Stock $ 0.29 $ 0.29 $ 0.02 $ (3.19) $ (0.77)
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Fully diluted income (loss) per share
of Common Stock* $ 0.10 $ 0.08 $ 0.01 $ (3.19) $ (0.77)
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* Common Stock equivalents are considered anti-dilutive in loss years.
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