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DAUGHERTY RESOURCES, INC. EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(United States Dollars)
Unaudited
The table below presents information necessary for the computation of
earnings or loss per share of common stock, on both a primary and fully diluted
basis, for the six months ended June 30, 2000 and 1999, and the years ended
December 31, 1999, 1998, and 1997. The computations below reflect the 1 for 5
Reverse Stock Split effective June 30, 1998.
<TABLE>
<CAPTION>
Six months
Ended June 30, Years Ended December 31,
----------------------- -----------------------------------------
2000 1999 1999 1998 1997
---------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Net loss applicable to share of
Common Stock and Common
Stock Equivalents $ 528,491 $ 177,509 $(7,220,920) $(1,568,348) $(1,708,418)
Average number of shares of
Common Stock Outstanding 2,545,540 2,272,182 2,261,754 2,035,188 1,831,926
Common Stock equivalents* 5,984,697 5,933,586 -0- -0- -0-
---------- ---------- ----------- ----------- -----------
Total shares of Common Stock and
Common Stock equivalents 8,525,325 8,205,768 2,261,754 2,035,188 1,831,926
========== ========== =========== =========== ===========
Primary loss per share of
Common Stock $ 0.21 $ 0.08 $ (3.19) $ (0.77) $ (0.93)
========== ========== =========== =========== ===========
Fully diluted loss per share of
Common Stock* $ 0.06 $ 0.02 $ (3.19) $ (0.77) $ (0.93)
========== ========== =========== =========== ===========
</TABLE>
*Common Stock equivalents are considered anti-dilutive in periods when the
Company experiences losses.
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