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) Quarter ended June 30, 1999 In thousands, except share and per share data Earnings from Operations (restated) $ 201 48,300,550 =========== ========== Basic earnings per common share $ 0.00 Effect of dilutive securities Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 2,222,222 Vested Employee Options - - - 1,418,355 ----------- ---------- $ 201 56,941,127 =========== ========== Diluted earnings per common share $ 0.00 Quarter ended June 30, 1998 Earnings from Operations $ 34 35,032,242 =========== ========== Basic earnings per common share $ 0.00 Effect of dilutive securities - Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 2,592,593 Vested Employee Options - - - 1,000,000 ----------- ---------- $ 34 43,624,835 =========== ========== Diluted earnings per common share $ 0.00 Year to date ended June 30, 1999: Earnings from operations (restated) $ 293 46,039,725 =========== ========== Basic earnings per common share $ 0.01 Effect of dilutive securities - Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 3,484,848 Vested Employee Options - - - 1,521,624 ----------- --------- $ 293 56,046,197 =========== ========== Diluted earnings per common share $ 0.01 Year to date ended June 30, 1998: Earnings from operations $ 60 33,168,387 =========== ========== Basic earnings per common share $ 0.00 Convertible preferred shares - - - 5,000,000 Warrant - VCC - - - 2,857,143 Vested Employee Options - - - 1,000,000 ----------- ---------- $ 60 42,025,530 =========== ========== Diluted earnings per common share $ 0.00