EX-11 3 cmw580a.htm COMPUTATION OF NET INCOME PER SHARE

Exhibit 11

The Middleton Doll Company and Subsidiaries
Computation Of Net Income Per Common Share

For the Year Ended December 31,

 		 2003
 2002
 2001

Net (loss) income available to		                
   common shareholders   $ (661,742 ) $ 3,203,016   $ 1,644,926  

Determination of shares:		  
   Weighted average common shares  
   outstanding (basic)    3,727,589    3,727,589    3,727,589  
   Assumed conversion of stock options    3,895    --    --  

   Weighted average common shares		  
   outstanding (diluted)    3,731,484    3,727,589    3,727,589  

Basic (loss) earnings per share		   $ (0.18 ) $ 0.86   $ 0.44  
Diluted (loss) earnings per share   $ (0.18 ) $ 0.86   $ 0.44