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EXHIBIT 11
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Environmental Power Corporation
Computation of Earnings Per Share
June 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 June 30, 2000:
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Loss available to shareholders $ (957,617) 11,406,783 $ (.08)
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - loss available to common shareholders (958,867) 11,406,783 (.08)
Effect of dilutive securities:
Assumed exercise of dilutive stock options 1,087
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Diluted EPS - loss available to common shareholders $ (958,867) 11,407,870 $ (.08)
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Three Months Ended June 30, 1999:
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Loss available to shareholders $(1,615,960) 11,406,783 $ (.14)
Effect of dividends to preferred stockholders (1,250)
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Basic EPS - loss available to common shareholders (1,617,210) 11,406,783 (.14)
Effect of dilutive securities:
Assumed exercise of dilutive stock options 113
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Diluted EPS - loss available to common shareholders $(1,617,210) 11,406,896 $ (.14)
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Six Months Ended June 30, 2000:
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Income available to shareholders $ 1,128,972 11,406,783 $ .10
Effect of dividends to preferred stockholders (2,500)
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Basic EPS - income available to common shareholders 1,126,472 11,406,783 .10
Effect of dilutive securities:
Assumed exercise of dilutive stock options 815
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Diluted EPS - income available to common shareholders $ 1,126,472 11,407,598 $ .10
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Six Months Ended June 30, 1999:
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Loss available to shareholders $ (553,012) 11,406,783 $ (.05)
Effect of dividends to preferred stockholders (2,500)
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Basic EPS - loss available to common shareholders (555,512) 11,406,783 (.05)
Effect of dilutive securities:
Assumed exercise of dilutive stock options 57
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Diluted EPS - loss available to common shareholders $ (555,512) 11,406,840 $ (.05)
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