Exhibit 11 CYTOCLONAL PHARMACEUTICS INC. COMPUTATION OF NET (LOSS) PER COMMON SHARE (unaudited)
Three Months Nine Months Ended September 30, Ended September 30, 1995 1996 1995 1996 ---------- --------- ----------- ----------- Net (loss) ($678,000) ($808,000) ($2,110,000) ($2,128,000) Add cumulative preferred dividend (79,000) (79,000) (238,000) (238,000) --------- --------- ----------- ----------- NET (LOSS) USED FOR COMPUTATION ($757,000) ($887,000) ($2,348,000) ($2,366,000) ========= ========= =========== =========== Weighted average number of common shares outstanding 5,249,000 7,687,361 5,229,667 7,631,373 --------- --------- ----------- ----------- Shares issuable upon exercise of stock options and warrants, net of shares assumed to be repurchased (1) 0 0 98,277 0 --------- --------- ----------- ----------- Shares used for computation 5,249,000 7,687,361 5,327,944 7,631,373 ========= ========= =========== =========== Net (loss) per common share ($0.14) ($0.12) ($0.44) ($0.31) ========= ========= =========== ===========
Notes and Assumptions: (1) The Company issued common stock and common stock equivalents for consideration below the initial public offering price of $5.00. Consequently, in accordance with Staff Accounting Bulletin 83 (during the periods covered by statements of operation included in the registration statement) the following methodology was used in determining weighted average shares outstanding: Stock issued in a one year period immediately prior to the offering was treated as outstanding through June 30, 1995 and repurchase of shares using the treasury stock method at an offering price of $5.00.