TERRACE HOLDINGS, INC.
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EXHIBIT 11
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March 31,
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1 9 9 8 1 9 9 7
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Weighted average:
Weight Average Shares Outstanding Disregarding Potentially Dilutive
Common Stock Purchased Warrants 5,111,383 4,306,400
Plus incremental shares from assumed conversion:
Convertible Preferred Stock 3,047,650
Assuming Conversion of Warrants [1] -- --
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Common Shares Outstanding 8,159,033 4,306,400
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Income [Loss] for Fully Diluted Calculations $ 133,974 $(401,404)
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Basic Income[Loss] Per Common Share $ .03 $ (.09)
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Diluted Income [Loss] Per Common Share $ .02 $ (.09)
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[1] Warrants to purchase common shares are excluded from the calculation as
they are considered anti-dilutive. However, if effect was given to the exercise
of all such warrants, common shares outstanding would have been increased by
9,488,450.
