EXHIBIT 11
CHANCELLOR CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
The following table reflects the calculation of the earnings per share:
Income Weighted Average
Common Shares Outstanding
(numerator) (denominator)
in thousands, except share and per share data
Quarter ended September 30, 1999:
Earnings from operations $ 266 53,530,730
============ ==========================
Basic earnings per common share $0.00
Effect of dilutive securities-
Convertible preferred shares - - - 5,000,000
Vested Employee Options - - - 1,412,821
------------ --------------------------
$ 266 59,943,551
============ ==========================
Diluted earnings per common share $0.00
Quarter ended September 30,1998:
Earnings from operations $ 141 38,472,679
============ ==========================
Basic earnings per common share $0.00
Effect of dilutive securities-
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 8,760,000
Vested Employee Options - - - 1,000,000
------------ --------------------------
$ 141 53,232,679
============ ==========================
Diluted earnings per common share $0.00
Year to date ended September 30, 1999:
Earnings from operations $ 558 48,381,553
============ ==========================
Basic earnings per common share $0.01
Effect of dilutive securities-
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 2,323,232
Vested Employee Options - - - 1,475,608
------------ --------------------------
$ 558 57,180,393
============ ==========================
Diluted earnings per common share $0.01
Year to date ended September 30, 1998:
Earnings from operations $ 201 35,883,172
============ ==========================
Basic and diluted earnings per common share $0.01
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 6,080,000
Vested Employee Options - - - 1,000,000
------------ --------------------------
$ 201 47,963,172
============ ==========================
Diluted earnings per common share $0.00