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EXHIBIT 11
CHANCELLOR CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
The following table reflects the calculation of the earnings per share:
<TABLE>
<CAPTION>
Weighted Average
Common Shares
Income Outstanding
------ ---------------
(numerator) (denominator
(restated)
Quarter ended September 30, 1999 In thousands, except share and per share data
<S> <C> <C>
Earnings from operations $ 266 53,530,730
============ ==========
Basic earnings per common share $ 0.00
Effect of dilutive securities
Convertible preferred shares - - - 5,000,000
Vested Employee Options - - 1,412,821
------------ ------------
-
$ 266 59,943,551
============ ==========
Diluted earnings per common share $ 0.00
Quarter ended September 30, 1998
Earnings from operations $ 141 38,472,679
============ ===========
Basic earnings per common share $ 0.00
Effect of dilutive securities -
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 8,760,000
Vested Employee Options - - - 1,000,000
------------ ------------
$ 141 53,232,679
============ ===========
Diluted earnings per common share $ 0.00
Year to date ended September 30, 1999:
Earnings from operations $ 558 48,381,553
============ ==========
Basic earnings per common share $ 0.01
Effect of dilutive securities -
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 2,323,232
Vested Employee Options - - - 1,475,608
------------ ------------
$ 558 57,180,393
============ ===========
Diluted earnings per common share $ 0.01
Year to date ended June 30, 1998:
Earnings from operations $ 201 35,883,172
============ ==========
Basic earnings per common share $ 0.01
Convertible preferred shares - - - 5,000,000
Warrant - VCC - - - 6,080,000
Vested Employee Options - - - 1,000,000
------------ ----------
$ 201 47,963,172
============ ==========
Diluted earnings per common share $ 0.00
</TABLE>
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