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Exhibit II Universal Heights, Inc. Statement Regarding the Computation of Per Share Income the Following Table Reconciles the Numerator (Earnings) and Denominator (Shares) of the Basic and Diluted Earnings Per Share Computations for Net Income for the Quarters Ended March 31, 2000 and 1999. <table> <caption> Three Months Ended Three Months Ended March 31, 2000 March 31, 1999 Income Income Available Available to Common Per-Share to Common Per-Share Stockholders Shares Amount Stockholders Shares Amount <s> <c> <c> <c> <c> <c> <c> Net Income $606,675 $519,019 Less: Preferred Stock Dividends (12,488) (12,488) Income Available to Common Stockholders 594,187 14,795,000 $0.04 $506,531 14,673,000 $0.03 ==== ==== Effect of Dilutive Securities: Stock Options and Warrants --- 1,227,000 --- --- 445,000 --- Preferred Stock 12,488 568,000 --- 12,488 568,000 --- Income Available to Common Stockholders and Assumed Conversion $606,675 16,590,000 $0.04 $519,019 15,686,000 $0.03 ======== ========== ===== ======== ========== ===== </Table> Options and Warrants Totaling 9,510,000 and 7,014,000 Were Excluded From the Calculation of Diluted Earnings Per Share as Their Effect Was Anti-Dilutive for the Three Months Ended March 31, 2000 and 1999, Respectively. 20
