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FLAMEMASTERCORPORATION
EARNINGS PER SHARE CALCULATIONS
SEPTEMBER 30, 1999
EXHIBIT 11.1
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BASIC
Income from Operations $ 1,190,722
Preferred Dividends -
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Income Available To Common Shareholders $ 1,190,722
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WEIGHTED AVERAGE SHARES OUTSTANDING
Common Stock - Average Outstanding 1,611,045
Common Stock Options -
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Weighted Average Shares Outstanding 1,611,045
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BASIC EARNINGS PER SHARE $ 0.74
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DILUTED
Income from Continuing Operations $ 1,190,722
Interest from Convertible Notes, net of income tax 30,658
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Diluted Income $ 1,221,380
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NET WEIGHTED SHARES OUTSTANDING
Common Stock - Average Outstanding 1,611,045
Convertible Notes 115,822
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Net Weighted Shares Outstanding 1,726,867
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DILUTED EARNINGS PER SHARE $ 0.71
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