EXHIBIT 11
Ugly Duckling Corporation
Schedule of Computation of Earnings Per Common Share
3 Mos 3 Mos 3 Mos 3 Mos
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1996 1996 1995 1995
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Fully Fully
Primary Diluted Primary Diluted
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Net earnings (loss) $1,083,000 1,083,000 (283,000) (283,000)
Preferred dividends (267,000) (267,000) - -
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Net earnings (loss)available to common
shares 816,000 816,000 (283,000) (283,000)
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Earnings (loss) per common share $ 0.13 0.13 (0.05) (0.05)
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Weighted average common shares outstanding 5,984,480 5,984,480 5,521,600 5,521,600
Common equivalent shares outstanding
using the treasury stock method 395,552 413,824 370,513 370,513
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Weighted average common and common
equivalent shares outstanding 6,380,032 6,398,304 5,892,113 5,892,113
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Ugly Duckling Corporation
Schedule of Computation of Earnings Per Common Share, continued
3 Mos 3 Mos 3 Mos 3 Mos
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1996 1996 1995 1995
----------- ---------- ---------- ----------
Fully Fully
Primary Diluted Primary Diluted
----------- ---------- ---------- ----------
Net earnings (loss) $2,148,000 2,148,000 (748,000) (748,000)
Preferred dividends (567,000) (567,000) - -
----------- ---------- ---------- ----------
Net earnings (loss)available to common
shares 1,581,000 1,581,000 (748,000) (748,000)
=========== ========== ========== ==========
Earnings (loss) per common share $ 0.26 0.26 (0.13) (0.13)
=========== ========== ========== ==========
Weighted average common shares outstanding 5,753,040 5,753,040 5,521,600 5,521,600
Common equivalent shares outstanding
using the treasury stock method 383,033 392,169 370,513 370,513
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Weighted average common and common
equivalent shares outstanding 6,136,073 6,145,209 5,892,113 5,892,113
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