EX-11 2 0002.txt COMPUTATION OF EARNINGS PER SHARE EXHIBIT 11 CHANCELLOR CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE The following table reflects the calculation of the earnings per share:
Weighted Average Common Shares Income Outstanding ------ --------------- (numerator) (denominator (restated) Quarter ended September 30, 1999 In thousands, except share and per share data Earnings from operations $ 266 53,530,730 ============ ========== Basic earnings per common share $ 0.00 Effect of dilutive securities Convertible preferred shares - - - 5,000,000 Vested Employee Options - - 1,412,821 ------------ ------------ - $ 266 59,943,551 ============ ========== Diluted earnings per common share $ 0.00 Quarter ended September 30, 1998 Earnings from operations $ 141 38,472,679 ============ =========== Basic earnings per common share $ 0.00 Effect of dilutive securities - Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 8,760,000 Vested Employee Options - - - 1,000,000 ------------ ------------ $ 141 53,232,679 ============ =========== Diluted earnings per common share $ 0.00 Year to date ended September 30, 1999: Earnings from operations $ 558 48,381,553 ============ ========== Basic earnings per common share $ 0.01 Effect of dilutive securities - Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 2,323,232 Vested Employee Options - - - 1,475,608 ------------ ------------ $ 558 57,180,393 ============ =========== Diluted earnings per common share $ 0.01 Year to date ended June 30, 1998: Earnings from operations $ 201 35,883,172 ============ ========== Basic earnings per common share $ 0.01 Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 6,080,000 Vested Employee Options - - - 1,000,000 ------------ ---------- $ 201 47,963,172 ============ ========== Diluted earnings per common share $ 0.00