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EXHIBIT 11
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Environmental Power Corporation
Computation of Earnings Per Share
September 30, 2000
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<CAPTION>
Income Shares Per Share
(Numerator) (Denominator) Amounts
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<S> <C> <C> <C>
Three Months Ended September 30, 2000:
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Income available to shareholders $903,168 11,406,783 $.08
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - income available to common shareholders 901,918 11,406,783 .08
Effect of dilutive securities:
Assumed exercise of dilutive stock options 4,233
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Diluted EPS - income available to common shareholders $901,918 11,411,016 $.08
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Three Months Ended September 30, 1999:
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Income available to shareholders $767,724 11,406,783 $.07
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - income available to common shareholders 766,474 11,406,783 .07
Effect of dilutive securities:
Assumed exercise of dilutive stock options 1,060
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Diluted EPS - income available to common shareholders $766,474 11,407,843 $.07
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Nine months Ended September 30, 2000:
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Income available to shareholders $2,032,140 11,406,783 $.18
Effect of dividends to preferred stockholders (3,750)
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Basic EPS - income available to common shareholders 2,028,390 11,406,783 .18
Effect of dilutive securities:
Assumed exercise of dilutive stock options 1,954
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Diluted EPS - income available to common shareholders $2,028,390 11,408,737 $.18
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Nine Months Ended September 30, 1999:
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Income available to shareholders $ 214,712 11,406,783 $.02
Effect of dividends to preferred stockholders (3,750)
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Basic EPS - income available to common shareholders 210,962 11,406,783 .02
Effect of dilutive securities:
Assumed exercise of dilutive stock options 391
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Diluted EPS - income available to common shareholders $ 210,962 11,407,174 $.02
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