EXHIBIT 11.1
CD&L, INC. AND SUBSIDIARIES
NET INCOME PER SHARE
FOR THE YEARS ENDED DECEMBER 31, 2005, 2004 AND 2003
(in thousands, except share data)
SHARES CONSIDERED: 2005 2004 2003
--------------- --------------- --------------
Weighted average portion of shares outstanding at
December 31, 2002 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 1,697,651 78,424 --
Weighted average portion of 656,168 common shares issued in
connection with the conversion of the Exeter Series B
Convertible notes 109,661 -- --
--------------- --------------- --------------
Basic weighted average shares outstanding 9,465,972 7,737,084 7,658,660
Incremental shares assumed issued in connection with:
Stock options and warrants outstanding 1,064,919 829,152 515,419
Convertible preferred stock 3,937,010 2,952,758 --
Convertible notes -- Series A 3,937,008 1,968,504 --
Convertible notes -- Series B 1,642,203 984,252 --
Convertible Seller Note 35,724 41,148 --
--------------- --------------- --------------
Diluted weighted average shares outstanding 20,082,836 14,512,898 8,174,079
=============== =============== ==============
Net income, as reported $2,507 $1,583 $1,683
Effect of dilutive securities:
Interest on subordinated convertible debentures 471 257 --
Interest on seller-financed convertible notes 12 11 --
--------------- --------------- --------------
Net income, as adjusted for the effect of dilutive securities $2,990 $1,851 $1,683
=============== =============== ==============
Basic net income per share:
Net income per share $.26 $.20 $.22
=============== =============== ==============
Diluted net income per share:
Net income per share $.15 $.13 $.21
=============== =============== ==============
The following potentially dilutive common shares were excluded from the
computation of diluted net income per share because the exercise or conversion
price was greater than the average market price of common shares --
2005 2004 2003
--------------- --------------- --------------
Stock options and warrants 1,430,197 1,774,572 1,863,668
Convertible preferred stock -- 984,252 --
Convertible notes -- Series A -- 492,126 --
Convertible notes -- Series B -- 135,728 --
Seller-financed convertible notes 135,349 33,516 352,905
=============== =============== ==============