Sunstates Corp/DE – ‘10-K’ for 12/31/94 – EX-11

As of:  Friday, 3/31/95   ·   For:  12/31/94   ·   Accession #:  103575-95-11   ·   File #:  1-05300

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                        144±   620K 
 2: EX-4        Exhibit 4.6                                            9±    36K 
 3: EX-11       Statement re: Computation of Earnings Per Share        2±    11K 
 4: EX-18       Letter re: Change in Accounting Principles             1      7K 
 5: EX-21       Subsidiaries of the Registrant                         1      6K 
 6: EX-27       Financial Data Schedules                               1      8K 

EX-11   —   Statement re: Computation of Earnings Per Share

                                                        [Enlarge/Download Table]

                                                Item 14(c)                                                                                            
                                               EXHIBIT (11)                           Page 1 of 2                                                     
                                           SUNSTATES CORPORATION                                                                                      
                                         STATEMENT RE COMPUTATIONS                                                                                    
                                           OF PER SHARE EARNINGS                                                                                      
                                              (11.1) Primary                                                                                          

                                                                  For the Years Ended December 31,                                                    
                                                               1994            1993              1992                                                 
                                                                                                                                                      
Shares used in calculations:                                                                                                                          
 Weighted average Common Shares outstanding                    902,589        1,048,869        1,213,830                                              
 Weighted average Class B Shares outstanding **              1,661,995        1,475,093        1,274,636                                              
                                                                                                              ---------       ---------      ---------
 Adjusted weighted average shares outstanding                2,564,584        2,523,962        2,488,466                                              
                                                                                                             =========       =========      ========= 

Net income (loss)                                         $ (7,572,842)      41,368,715      (19,678,451)                                             
Preferred Stock dividends                                   (1,125,686)      (1,397,141)      (1,476,176)                                             
                                                                                                             ---------      ----------     ---------- 
Adjusted net income (loss)                                $ (8,698,528)      39,971,574      (21,154,627)                                             
                                                                                                             =========      ==========     ========== 

Primary net income (loss) per share and common share equivalent                                                                                       
  (adjusted net income (loss) divided by adjusted weighted                                                                                            
   average common and equivalent shares outstanding)      $      (3.39)           15.84            (8.50)                                             
                                                                                                          ====           =====           ====         

** Class B Shares converted at 21.125 to 1 conversion rate(17.875 to 1                                                                                
in 1993 and 15.4375 to 1 in 1992)                                                                                                                     


                                                        [Enlarge/Download Table]

                                                Item 14(c)                                                                                   
                                                 EXHIBIT (11)                           Page 2 of 2                                          
                                           SUNSTATES CORPORATION                                                                             
                                        STATEMENT RE COMPUTATIONS                                                                            
                                          OF PER SHARE EARNINGS                                                                              
                                          (11.2) Fully diluted                                                                               

                                                                       For the Years Ended December 31,                                      
                                                                        1994        1993          1992                                       
                                                                                                                                             
Shares used in calculations:                                                                                                                 
  Weighted average Common Shares outstanding                           902,589    1,048,869    1,213,830                                     
  Weighted average Class B Shares outstanding **                     1,661,995    2,011,490    1,274,636                                     
                                                                                                            ---------   ---------   ---------
Adjusted weighted average common and equivalent shares outstanding   2,564,584    3,060,359    2,488,466                                     
                                                                                                            =========   =========   =========

Net income (loss)                                                 $ (7,572,842)  41,368,715  (19,678,451)                                    
Preferred Stock dividends                                           (1,125,686)  (1,397,141)  (1,476,176)                                    
                                                                                                            ---------  ----------  ----------
Adjusted net income (loss)                                        $ (8,698,528)  39,971,574  (21,154,627)                                    
                                                                                                            =========  ==========  ==========

Fully diluted net income (loss) per share (adjusted net income (loss)                                                                        
  divided by adjusted weighted average common and equivalent shares                                                                          
  outstanding)                                                    $      (3.39)        13.06        (8.50)                                   
                                                                                                              ====        =====        ====  

** 24.375 conversion rate (21.125 to 1 in 1994 and 15.4375 to 1 in                                                                           
1992) due to anti-dilutive effect in those years.