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EXHIBIT 11 STATEMENT RE: COMPUTATION OF EARNINGS (LOSS) PER SHARE (Restated)
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FOR THE YEAR ENDED DECEMBER 31, 1997
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ASSUMING
PRIMARY FULL DILUTION
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<S> <C> <C>
Weighted average of outstanding shares 32,283,138 32,283,138
Common equivalent shares:
Outstanding stock options N/A 655,942
Other potentially dilutive securities:
Convertible Debentures (1) N/A 1,041,667
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Shares used in computing net income (loss) per share 32,283,138 33,980,747
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Net loss $ (11,405,000) $ (11,405,000)
Adjustments assuming full dilution:
Interest expense, net of taxes (1) N/A N/A
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Net loss $ (11,405,000) $ (11,405,000)
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Loss per share $ (0.353) $ (0.353)
Dilution percentage assuming full dilution (2) N/A N/A
Net loss per share $ (0.35) $ (0.35)
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NOTES:
(1) On September 16, 1997, the Company sold $100 Million of 5% convertible
subordinated notes due October 2002. The notes are convertible at the
option of the holders into Orbital common stock at a conversion price of
$28.00 per share.
(2) Subsidiary stock options that enable holders to obtain subsidiary's
common stock pursuant to effective stock option plans are included in
computing the subsidiary's earnings per share, to the extent dilutive.
Those earnings per share data are included in the Company's per share
computations based on the Company's holdings of the subsidiary's stock.
For the three months and year ended December 31, 1997, all such
subsidiary stock options were anti-dilutive
