**EXHIBIT 11**

 

YOUNG BROADCASTING INC. AND SUBSIDIARIESRE COMPUTATION OF PER SHARE EARNINGS

 
|                                                                                                                                  |   | **THREE  MONTHS ENDED**               |       | **NINE  MONTHS ENDED**      |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|------------|-----------------------------|--------|
|                                                                                                                                  |   | **Restated  September 30  2002** |       | **September 30  2003** |   | **Restated  September 30  2002** |   | **September 30  2003** |   |
| Shares of common stock outstanding for the  entire period                                                                             |   | 19,666,094                            |       | 19,782,229                  |   | 19,634,016 |   | 19,717,544 |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Issuance of 47,573 and 56,533 shares of  common stock to the company’s defined contribution plan in 2002 and 2003                |   | 12,664                                |       | 11,189                      |   | 28,143 |   | 37,226 |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Issuance of 250 and 15,000 shares of common  stock upon exercise of options in 2002 and 2003                                          |   | —                                |       | 153                         |   | 235 |   | 6,037 |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Issuance of 5,669 and 18,060 shares of  common stock to the employee stock purchase plan in 2002 and 2003                             |   | 5,546                                 |       | 9,617                       |   | 1,869 |   | 10,570 |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Weighted average shares of common stock  outstanding                                                                                  |   | 19,684,304                            |       | 19,803,188                  |   | 19,664,263 |   | 19,771,377 |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Loss from continuing operations before  cumulative effect of accounting change                                                        |   | $                                     | (6,594,092 | )                           | $      | (11,320,123 | ) | $ | (35,633,336 | ) | $ | (35,880,419 | ) |
| (Loss) income from discontinued operations,  net of taxes, including gain on sale of $153.9 million in 2002 and $2.2  million in 2003 |   | (2,255,493                            | )          | —                      |   | 154,859,928 |   | 2,190,335 |   |
| (Loss) income before cumulative effect of  accounting change                                                                          |   | (8,849,585                            | )          | (11,320,123                 | )      | 119,226,592 |   | (33,690,084 | ) |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Cumulative effect of accounting change, net                                                                                           |   | —                                |       | —                      |   | (184,904,433 | ) | — |   |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Net loss                                                                                                                              |   | $                                     | (8,849,585 | )                           | $      | (11,320,123 | ) | $ | (65,677,841 | ) | $ | (33,690,084 | ) |
|                                                                                                                                  |   |                                  |       |                        |   |   |   |   |   |
| Basic and diluted net loss per common  share:                                                                                         |   |                                  |       |                        |   |   |   |   |   |
| Loss from continuing operations                                                                                                       |   | $                                     | (0.34      | )                           | $      | (0.57 | ) | $ | (1.81 | ) | $ | (1.81 | ) |
| (Loss) income from discontinued operations,  net                                                                                      |   | (0.11                                 | )          | —                      |   | 7.87 |   | 0.11 |   |
| Cumulative effect of accounting change, net                                                                                           |   | —                                |       | —                      |   | (9.40 | ) | — |   |
| Net loss per common share                                                                                                             |   | $                                     | (0.45      | )                           | $      | (0.57 | ) | $ | (3.34 | ) | $ | (1.70 | ) |

 

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