(LOSS) EARNINGS PER COMMON SHARE

3 Months Ended

Dec. 31, 2011

(LOSS) EARNINGS PER COMMON SHARE

(LOSS) EARNINGS PER COMMON SHARE

2.(LOSS) EARNINGS PER COMMON SHARE

Basic (loss) earnings per share excludes dilution and is computed by dividing net (loss) earnings attributable to Barnwell stockholders by the weighted-average number of common shares outstanding for the period.  Diluted (loss) earnings per share includes the potentially dilutive effect of outstanding common stock options.

Reconciliations between net (loss) earnings attributable to Barnwell stockholders and common shares outstanding of the basic and diluted net (loss) earnings per share computations for the three months ended December 31, 2011 and 2010 are as follows:

		Three months ended December 31, 2011
	Net Loss				Shares		Per-Share
	(Numerator)				(Denominator)		Amount
Basic net loss per share		$	(282,000	)		8,277,160		$	(0.03	)
Effect of dilutive securities - common stock options		-				-
Diluted net loss per share		$	(282,000	)		8,277,160		$	(0.03	)

		Three months ended December 31, 2010
	Net Earnings			Shares		Per-Share
	(Numerator)			(Denominator)		Amount
Basic net earnings per share		$	1,085,000		8,277,160		$	0.13
Effect of dilutive securities - common stock options		-			-
Diluted net earnings per share		$	1,085,000		8,277,160		$	0.13

Potentially dilutive shares consist of the common shares issuable upon the exercise of outstanding stock options (both vested and non-vested) using the treasury stock method.  Potentially dilutive shares are excluded from the computation of (loss) earnings per share if their effect is antidilutive.  Options to purchase 815,375 and 858,500 shares of common stock were excluded from the computation of diluted shares for the three months ended December 31, 2011 and 2010, respectively, as their inclusion would have been antidilutive.