EX-11 3 cmw714b.htm COMPUTATION OF NET INCOME

Exhibit 11

THE MIDDLETON DOLL COMPANY AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE

For the Three Months
Ended March 31,
2004
 2003

Net income available to		            
   common shareholders   $ (720,936 ) $ 481,245  

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

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

Basic earnings per share		   $ (0.19 ) $ 0.13  

Diluted earnings per share		   $ (0.19 ) $ 0.13