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EXHIBIT 11
DAUGHERTY RESOURCES, INC.
COMPUTATION OF PER SHARE EARNINGS
(United States Dollars)
Unaudited
The table below presents information necessary for the computation of
loss per share of the common stock, on both a primary and fully diluted basis,
for the nine months ended September 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>
NINE MONTHS ENDED
SEPTEMBER 30 YEAR 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 $135,761 $ (65,077) $(7,220,920) $(1,568,348) $(1,708,418)
Average number of shares of
Common Stock Outstanding 2,695,723 2,222,172 2,261,754 2,035,188 1,831,926
Common Stock equivalents* 5,978,492 5,933,586 5,933,586 1,725,960 1,797,293
--------- --------- --------- --------- ---------
Total shares of Common Stock and
Common Stock equivalents 8,525,325 8,155,758 8,195,340 3,761,148 3,629,219
========= ========= ========= ========= =========
Primary loss per share of Common
Stock $ .05 $(0.03) $(3.19) $(0.77) $(0.93)
===== ======= ======= ======= =======
Fully diluted loss per share of
Common Stock * $0.02 $(0.03) $(3.19) $(0.77) $(0.93)
===== ======= ======= ======= =======
</TABLE>
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*Common Stock equivalents are considered anti-dilutive in periods
when Daugherty Resources experiences losses.
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