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EXHIBIT 11
ELECTRONIC TELE-COMMUNICATIONS, INC.
COMPUTATION OF EARNINGS PER SHARE
THREE-MONTH AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2000 AND 1999
Earnings net of dividends paid (undistributed earnings) are allocated equally
per share to weighted average Class A shares, as adjusted for the dilutive
effect of stock options using the treasury stock method, and weighted average
Class B shares outstanding during the year. Earnings per Class A and Class B
common share were computed, as shown in the table below, by adding dividends
paid per Class A and Class B common share (distributed earnings) to
undistributed earnings.
The following table sets forth the computation of basic and diluted earnings per
share:
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
2000 1999 2000 1999
----------------------------- ------------------------------
<S> <C> <C> <C> <C>
Numerator for basic and diluted earnings per share:
Net earnings $ (715,238) $ 95,770 $ (421,060) $ 297,953
Less dividends paid:
Class A common - 80,358 - 160,716
Class B common - - - -
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Undistributed earnings $ (715,238) $ 15,412 $ (421,060) $ 137,237
Denominator for basic and diluted earnings per share:
Weighted average shares:
Class A common 2,009,149 2,008,949 2,009,135 2,008,949
Class B common 499,998 499,998 499,998 499,998
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Total 2,509,147 2,508,947 2,509,133 2,508,947
Calculation of basic and diluted earnings per share:
Class A common:
Distributed earnings $ - $ 0.04 $ - $ 0.08
Undistributed earnings (0.29) 0.01 (0.17) 0.05
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Basic and diluted earnings per share $ (0.29) $ 0.05 $ (0.17) $ 0.13
============================== ==============================
Class B common:
Distributed earnings $ - $ - $ - $ -
Undistributed earnings (0.29) 0.01 (0.17) 0.05
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Basic and diluted earnings per share $ (0.29) $ 0.01 $ (0.17) $ 0.05
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</TABLE>
Options to purchase shares of Class A common stock under the Company's
Nonqualified Stock Option Plan were outstanding during the three-month and
nine-month periods ended September 30, 2000 and 1999. However, these shares were
not included in the computation of diluted earnings per share because the
options' exercise price was greater than the average market price of the common
shares and, therefore, the effect would be antidilutive. The number of shares
excluded from the computation were 66,580 for the 2000 periods and 72,160 for
the 1999 periods.
