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AG SERVICES OF AMERICA, INC.
EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
<CAPTION>
Year Ended Year Ended February 28, Year Ended
February 29,----------------------------------- February 29,
2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
Computation of weighted average
number of basic shares:
Basic:
Common shares outstanding at beginning
of the period 5,212,604 5,177,154 5,135,719 3,611,350 3,482,634
Weighted average number of shares issued
during the period 20,291 26,822 19,467 15,368 55,969
Weighted average common shares issued due
to conversion of the 7% convertible
subordinated debenture -- -- -- 952,002 --
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Weighted average shares outstanding (basic) 5,232,895 5,203,976 5,155,186 4,578,720 3,538,603
=========== =========== =========== =========== ===========
Net income from continuing operations $8,078,678 $6,738,719 $5,246,977 $4,345,815 $3,133,240
Discontinued operations (469,118) (245,403) (65,724) -- --
----------- ----------- ----------- ----------- -----------
Net income $7,609,560 $6,493,316 $5,181,253 $4,345,815 $3,133,240
=========== =========== =========== =========== ===========
Earnings per share - Basic
Income from continuing operations $1.54 $1.29 $1.02 $0.95 $0.89
Discontinued operations (0.09) (0.05) (0.01) -- --
----------- ----------- ----------- ----------- -----------
Earnings per share - Basic $1.45 $1.25 $1.01 $0.95 $0.89
=========== =========== =========== =========== ===========
Diluted:
Common shares outstanding at beginning
of the period 5,212,604 5,177,154 5,135,719 3,611,350 3,482,634
Common shares issued due to conversion
of the 7% convertible subordinated
debentures this period -- -- -- 1,487,669 --
Weighted average number of shares issued
during the period 20,291 26,822 19,467 15,368 55,969
Weighted average of potential dilutive shares
computed using the treasury stock method
using the average market price:
Options (A) 220,583 226,805 269,791 237,870 145,758
Warrants -- -- -- -- 24,978
Assumed conversion of $13.8 million 7%
convertible subordinated debentures (B) -- -- -- -- 1,491,892
----------- ----------- ----------- ----------- -----------
Weighted average number of shares (diluted) 5,453,478 5,430,781 5,424,977 5,352,257 5,201,231
=========== =========== =========== =========== ===========
Net income from continuing operations $8,078,678 $6,738,719 $5,246,977 $4,345,815 $3,133,240
Add: Interest on $13.8 million 7%
convertible subordinated debentures,
net of income tax effect -- -- -- 153,184 616,695
Amortization of debt issuance costs,
net of income tax effect -- -- -- 13,781 55,158
----------- ----------- ----------- ----------- -----------
Total before discontinued operations $8,078,678 $6,738,719 $5,246,977 $4,512,780 $3,805,093
Discontinued operations (469,118) (245,403) (65,724) -- --
----------- ----------- ----------- ----------- -----------
Total $7,609,560 $6,493,316 $5,181,253 $4,512,780 $3,805,093
=========== =========== =========== =========== ===========
Earnings per share - Diluted
Income from continuing operations $1.48 $1.24 $0.97 $0.84 $0.73
Discontinued operations (0.08) (0.04) (0.01) -- --
----------- ----------- ----------- ----------- -----------
Earnings per share - Diluted $1.40 $1.20 $0.96 $0.84 $0.73
=========== =========== =========== =========== ===========
<FN>
(A) Some of the stock options have not been included because they are antidilutive.
(B) Assumed conversion at the date of issuance on April 23, 1993.
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