FEDERAL AFFORDABLE HOUSING CORPORATION Computation of Loss Per Common Share For the Three Months Ended For the Six Months Ended November 30, November 30, ---------------------------------- ---------------------------------- 1997 1996 1997 1996 --------------- --------------- --------------- --------------- Shares outstanding: 164,500 164,500 164,500 164,500 Weighted average shares outstanding 164,500 164,500 164,500 164,500 Net income (loss) $ 10,130 $ (8,463) $ 6,912 $ (17,288) Net income (loss) per common share $ 0.06 $ (0.05) $ 0.04 $ (0.11)