FEDERAL AFFORDABLE HOUSING CORPORATION Computation of Earnings (Loss) Per Common Share For the Three Months Ended For the Six Months Ended November 30, November 30, ------------------------------------- ------------------------------------ 1998 1997 1998 1997 ---------------- ----------------- ---------------- ---------------- Shares outstanding: 493,500 493,500 493,500 493,500 Weighted average shares outstanding 493,500 493,500 493,500 493,500 Net income (loss) $ (76) $ 10,130 $ 1,899 $ 6,912 Net income (loss) per common share $ (0.00) $ 0.02 $ 0.004 $ 0.01