from 10-Q
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Phoenix Network, Inc. Index to Exhibits 11 Statement of Computation of Per Share Earnings <table> Exhibit 11 Phoenix Network, Inc. <caption> <s> <c> <c> <c> <c> Statement of Computation of Per Share Earnings Three Three Six Six Months Months Months Months Ended Ended Ended Ended 6/30/94 6/30/95 6/30/94 6/30/95 Primary Net Income (Loss) $(434,486) $146,704 $(977,257) $274,707 Preferred Stock Dividend (54,357) (63,701) (108,766) (126,891) Adjusted Net Income(loss)$(488,843) $ 83,003 $(1,086,023) $147,816 Weighted Average Number of Common Shares Outstanding 11,056,851 11,847,360 10,979,664 11,628,181 Dilution From Assumed Exercise of Options and Warrants Using the Treasury Stock Method - 1,202,094 - 1,159,920 Total Weighted Average Shares 11,056,851 13,049,454 10,979,664 12,788,101 Net Income (Loss) Per Common Share $(0.04) $0.01 $(0.10) $0.01 Fully Diluted Net Income (Loss) $(434,486) $146,704 $(977,257) $274,707 Weighted Average Number of Shares Outstanding: Primary 11,056,851 13,049,454 10,979,664 12,788,101 Convertible Preferred 1,681,046 1,595,431 1,681,046 1,595,431 Stock Conversion Dilution From Assumed Exercise of Options and Warrants Using the Treasury Stock Method 1,422,419 - 1,648,162 - Total 14,160,316 14,644,885 14,308,872 14,383,532 Net Income (Loss) Per Common and Common Equivalent Share $(0.03) $0.01 $(0.07) $0.02 </Table>
