EXHIBIT 11
AQUA ALLIANCE INC.
COMPUTATION OF PER SHARE EARNINGS
FOR THE QUARTERS ENDED JANUARY 31, 1999 AND 1998
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED
JANUARY 31
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1999 1998
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BASIC EARNINGS (LOSS) PER SHARE:
1. Loss from continuing operations................. $ (8,414) $ (10,761)
2. Cumulative effect on prior years (to October
31, 1997) of change
in the method of accounting for start-up costs.. -- (11,082)
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3. Net loss applicable to common stockholders...... $ (8,414) $ (21,843)
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4. Weighted average shares outstanding............. 185,177 33,150
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5. Loss per share from continuing operations (0.05 (0.32
(1 / 4)......................................... $ ) $ )
6. Loss per share from cumulative effect on prior
years (to October
31, 1997) of change in the method of accounting
for start-up costs
(2 / 4)......................................... -- (0.34)
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7. Net (loss) per share (3 / 4).................... $ (0.05) $ (0.66)
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DILUTED EARNINGS (LOSS) PER SHARE (1):
8. Line 1 above.................................... $ (8,414) $ (10,761)
9. Add back interest, on assumed conversion of the
Company's 8%
Convertible Debentures.......................... 2,300 2,300
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10. Loss from continuing operations................. (6,114) (8,461)
11. Cumulative effect on prior years (to October
31, 1997) of change
in the method of accounting for start-up costs.. -- (11,082)
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12. Net income (loss)............................... $ (6,114) $ (19,543)
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13. Weighted average shares outstanding (Line 4).... 185,177 33,150
14. Add additional shares issuable upon assumed
conversion of the
Company's 8% Convertible Debentures............. 3,833 3,833
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15. Adjusted weighted average shares outstanding.... 189,010 36,983
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16. Loss per share from continuing operations (0.03 (0.23
(10 / 15)....................................... $ ) $ )
17. Loss per share from cumulative effect on prior
years (to October
31, 1997) of change in the method of accounting
for start-up costs
(11 / 15)....................................... -- (0.30)
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18. Net (loss) per share (12 / 15).................. $ (0.03) $ (0.53)
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(1) Diluted earnings (loss) per share are not presented as the Company's
common stock equivalents and the assumed conversion of the Company's
8% Convertible Debentures are anti-dilutive.