**EXHIBIT 11**

 

YOUNGBROADCASTING INC. AND SUBSIDIARIES

RE COMPUTATION OF PERSHARE EARNINGS

 

 
|                                                                                                                                                                                         |   | **THREE  MONTHS ENDED** |        | **SIX MONTHS  ENDED** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|-------------|-----------------------|--------|
|                                                                                                                                                                                         |   | **June 30  2002 ***     |        | **June 30  2003**     |   | **June 30  2002 *** |   | **June 30  2003** |   |
| Shares of common  stock outstanding for the entire period                                                                                                                                    |   | 19,649,750              |        | 19,742,203            |   | 19,634,016 |   | 19,717,544 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Issuance of  31,828 and 42,808 shares of common stock to the company’s defined  contribution plan in 2002 and 2003                                                                      |   | 12,393                  |        | 24,535                |   | 19,833 |   | 28,607 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Issuance of 250  and 14,350 shares of common stock upon exercise of options in 2002 and 2003                                                                                                 |   | —                  |        | 3,352                 |   | 228 |   | 1,685 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Issuance of  7,527 shares of common stock to the employee stock purchase plan in 2003                                                                                                        |   | —                  |        | —                |   | — |   | 7,191 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Weighted average  shares of common stock outstanding                                                                                                                                         |   | 19,662,143              |        | 19,770,090            |   | 19,654,077 |   | 19,755,027 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Diluted effect  of 3,824,793 options in 2002 expected to be exercised under the treasury  stock method using the weighted average market price of the company’s shares  of common stock |   | 281,125                 |        | —                |   | — |   | — |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Total diluted  weighted average shares of common stock for the period                                                                                                                        |   | 19,943,268              |        | 19,770,090            |   | 19,654,077 |   | 19,755,027 |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Income (loss)  from continuing operations before cumulative effect of accounting change                                                                                                      |   | $                       | 2,222,160   |                  | $      | (6,839,364 | ) | $ | (29,039,244 | ) | $ | (24,560,296 | ) |
| Income from  discontinued operations, net of taxes, including gain on sale of $153.9  million in 2002 and $2.2 million in 2003                                                               |   | 154,229,167             |        | 2,190,335             |   | 157,115,421 |   | 2,190,335 |   |
| Income (loss)  before cumulative effect of accounting change                                                                                                                                 |   | 156,451,327             |        | (4,649,029            | )      | 128,076,177 |   | (22,369,961 | ) |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Cumulative  effect of accounting change, net                                                                                                                                                 |   | —                  |        | —                |   | (184,904,433 | ) | — |   |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Net income  (loss)                                                                                                                                                                           |   | $                       | 156,451,327 |                  | $      | (4,649,029 | ) | $ | (56,828,256 | ) | $ | (22,369,961 | ) |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Basic income  (loss) per common share:                                                                                                                                                       |   |                    |        |                  |   |   |   |   |   |
| Income (loss)  from continuing operations                                                                                                                                                    |   | $                       | 0.12        |                  | $      | (0.35 | ) | $ | (1.47 | ) | $ | (1.24 | ) |
| Income from  discontinued operations, net                                                                                                                                                    |   | 7.84                    |        | 0.11                  |   | 7.99 |   | 0.11 |   |
| Cumulative  effect of accounting change, net                                                                                                                                                 |   | —                  |        | —                |   | (9.41 | ) | — |   |
| Net income  (loss) per common share                                                                                                                                                          |   | $                       | 7.96        |                  | $      | (0.24 | ) | $ | (2.89 | ) | $ | (1.13 | ) |
|                                                                                                                                                                                         |   |                    |        |                  |   |   |   |   |   |
| Diluted income  (loss) per common share:                                                                                                                                                     |   |                    |        |                  |   |   |   |   |   |
| Income (loss)  from continuing operations                                                                                                                                                    |   | $                       | 0.11        |                  | $      | (0.35 | ) | $ | (1.47 | ) | $ | (1.24 | ) |
| Income from  discontinued operations, net                                                                                                                                                    |   | 7.73                    |        | 0.11                  |   | 7.99 |   | 0.11 |   |
| Cumulative  effect of accounting change, net                                                                                                                                                 |   | —                  |        | —                |   | (9.41 | ) | — |   |
| Net income  (loss) per common share                                                                                                                                                          |   | $                       | 7.84        |                  | $      | (0.24 | ) | $ | (2.89 | ) | $ | (1.13 | ) |
|                                                                                                                                                                                              |        |                         |             |                       |        |  |  |  |  |  |  |  |  |  |

 

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*              Restated

 

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