EXHIBIT 11
GREENWICH AIR SERVICES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
THREE MONTHS ENDED MARCH 31,
1996 1995
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PRIMARY FULLY DILUTED PRIMARY FULLY DILUTED
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Weighted average number of common
shares outstanding 12,057,462 12,057,462 10,156,000 10,156,000
Additional shares assuming the
conversion of:
Options and warrants 283,842 407,592 31,646 40,288
Subordinated debentures 608,718 2,905,812
Weighted average number of common
shares outstanding, as adjusted 12,341,304 13,073,772 10,187,646 13,102,100
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Net income applicable to common stock $2,324,716 $2,324,716 $1,321,804 $1,321,804
After-tax interest savings from
conversion of subordinated
debentures 42,732 203,988
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Net income, as adjusted $2,324,716 $2,367,448 $1,321,804 $1,525,792
Earnings per common share $0.19 $0.18 $0.13 $0.12
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SIX MONTHS ENDED MARCH 31,
1996 1995
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PRIMARY FULLY DILUTED PRIMARY FULLY DILUTED
------- ------------- ------- -------------
Weighted average number of common
shares outstanding 11,843,133 11,843,133 10,156,000 10,156,000
Additional shares assuming the
conversion of:
Options and warrants 262,335 392,739 25,896 40,378
Subordinated debentures 608,718 2,905,812
---------- ---------- ---------- ----------
Weighted average number of common
shares outstanding, as adjusted 12,105,468 12,844,590 10,181,896 13,102,190
========== ========== ========== ==========
Net income applicable to common stock $4,418,344 $4,418,344 $2,359,327 $2,359,327
After-tax interest savings from
conversion of subordinated
debentures 85,464 407,976
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Net income, as adjusted $4,418,344 $4,503,808 $2,359,327 $2,767,303
Earnings per common share $0.36 $0.35 $0.23 $0.21
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