EXHIBIT 11.1
CD&L, INC. AND SUBSIDIARIES
NET INCOME PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(in thousands, except share data)
SHARES CONSIDERED: 2004 2003 2002
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Weighted average portion of shares outstanding at
December 31, 2001 7,658,660 7,658,660 7,658,660
Weighted average portion of 1,697,651 common shares issued
In connection with the Company's 2004 rights offering 78,424 - -
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Basic weighted average shares outstanding 7,737,084 7,658,660 7,658,660
Incremental shares assumed issued in connection with:
Stock options and warrants outstanding 829,152 515,419 508,751
Convertible preferred stock 2,952,758 - -
Convertible notes - Series A 1,968,504 - -
Convertible notes - Series B 984,252 - -
Convertible Seller Note 41,148 - -
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Diluted weighted average shares outstanding 14,512,898 8,174,079 8,167,411
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Net income $1,583 $1,683 $285
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Basic income per share:
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Net income per share $.20 $.22 $.04
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Diluted income per share:
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Net income per share $.11 $.21 $.03
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The following potentially dilutive common shares were excluded from the
computation of diluted income per share because the exercise or conversion price
was greater than the average market price of common shares -
2004 2003 2002
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Stock options and warrants 1,774,572 1,863,668 1,889,434
Convertible preferred stock 984,252 - -
Convertible notes - Series A 492,126 - -
Convertible notes - Series B 135,728 - -
Seller-financed convertible notes 33,516 352,905 458,083
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