Attached files
Exhibit
11.1
Statement
Regarding Computation of per Share Earnings
The
computation of per share earnings for the years ended December 31, 2008 and 2009
is as follows and includes the effect of warrants issued by Gulfstream
International Airlines, Inc. (“GIA”), a subsidiary of the Company:
|
Year
ended December 31,
|
||||||||
|
2008
|
2009
|
|||||||
|
Net
loss
|
$ | (14,799,000 | ) | $ | (7,551,000 | ) | ||
|
Effect
of GIA warrants
|
- | - | ||||||
|
Net
loss - diluted
|
$ | (14,799,000 | ) | $ | (7,551,000 | ) | ||
|
Weighted
average of shares outstanding - basic and diluted
|
2,957,000 | 3,076,000 | ||||||
|
Loss
per common share:
|
||||||||
|
Basic
|
$ | (5.00 | ) | $ | (2.45 | ) | ||
|
Diluted
|
$ | (5.00 | ) | $ | (2.45 | ) | ||
1
The
computation of per share earnings for the years ended December 31, 2008 and 2009
is as follows and includes the effect of warrants issued by Gulfstream
International Airlines, Inc. (“GIA”), a subsidiary of the Company:
| Year Ended December 31, | ||||||||
|
2008
|
2009
|
|||||||
|
Net
income (loss)
|
$ | (14,799,000 | ) | $ | (7,551,000 | ) | ||
|
Effect
of GIA warrants
|
||||||||
|
Net
income (loss) — diluted
|
$ | (14,799,000 | ) | $ | (7,551,000 | ) | ||
|
Weighted
average of shares outstanding — basic and diluted
|
2,957,000 | 3,076,000 | ||||||
|
Earnings
(loss) per common share:
|
||||||||
|
Basic
|
$ | (5.00 | ) | $ | (2.45 | ) | ||
|
Diluted
|
$ | (5.00 | ) | $ | (2.45 | ) | ||
|
The
effect on net income of the GIA warrants is calculated in accordance with
SFAS No. 128 “Earnings per Share”, paragraph 62(a) as
follows:
|
||||||||
| Year Ended December 31, | ||||||||
| 2008 | 2009 | |||||||
|
Earnings Per Share of GIA:
|
||||||||
|
Net
income (loss)
|
$ | (9,282,000 | ) | $ | (1,440,000 | ) | ||
|
Management
fees charged by the Parent
|
97,000 | - | ||||||
|
GIA's
portion of consolidated tax benefit (provision)
|
307,000 | 485,000 | ||||||
|
Adjusted
net income
|
(8,878,000 | ) | (955,000 | ) | ||||
|
Basic
weighted average shares
|
19,575,000 | 19,575,000 | ||||||
|
Dilutive
effect of warrants
|
1,958,000 | 1,958,000 | ||||||
|
Diluted
weighted average shares
|
21,533,000 | 21,533,000 | ||||||
|
Earnings
per common share:
|
||||||||
|
Basic
|
$ | (0.4535 | ) | $ | (0.0488 | ) | ||
|
Diluted
|
$ | (0.4535 | ) | $ | (0.0488 | ) | ||
|
Effect on Net Income (Loss) of GIA
Warrants:
|
||||||||
|
Proportionate
share of GIA income included in basic earnings per share
(1)
|
$ | (8,878,000 | ) | $ | (955,000 | ) | ||
|
Proportionate
share of GIA income included in diluted earnings per share
(2)
|
(8,878,000 | ) | (955,000 | ) | ||||
|
Difference
|
$ | - | $ | - | ||||
|
(1)
— Calculated as the number of GIA outstanding shares times GIA basic
earnings per share
|
||||
|
(2)
— Calculated as the number of GIA outstanding shares times GIA diluted
earnings per share
|
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2