Exhibit 11
CTI Industries Corporation and Subsidiaries
Consolidated Earnings Per Share
Quarter Ended March 31
2003 2002
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Basic
Average shares outstanding:
Weighted average number of shares of
common stock outstanding during the
period 1,917,772 1,133,431
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Net income:
Net income (loss) $ (689,788) $ 370,431
Amount for per share computation $ (689,788) $ 370,431
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Per share amount $ (0.36) $ 0.33
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Diluted
Average shares outstanding:
Weighted average number of shares of
common stock outstanding during the
period 1,917,772 1,133,431
Net additional shares assuming stock
options and warrants exercised and
proceeds used to purchase treasury
stock(1) -- 87,920
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Weighted average number of shares and
equivalent shares of common stock
outstanding during the period 1,917,772 1,221,351
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Net income:
Net income (loss) $ (689,788) $ 370,431
Amount for per share computation $ (689,788) $ 370,431
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Per share amount $ (0.36) $ 0.30
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(1) For the quarter ended March 31, 2003 potential net additional shares, in
the amount of 333,930 shares, were excluded from the calculation of
diluted earnings per share because it would have been antidilutive.