Exhibit 11
AEROFLEX INCORPORATED AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Year Ended June 30,
1996 1995 1994
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COMPUTATION OF ADJUSTED NET INCOME (LOSS):
Income (loss) from continuing operations $(17,420,000) $ 6,587,000 $ 5,850,000
Discontinued operations - 462,000 187,000
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Net income (loss) for primary earnings per common share $(17,420,000) 7,049,000 6,037,000
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Add: debenture interest and amortization expense,
net of income taxes 757,000 293,000
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Adjusted net income (loss) for fully diluted earnings
per common share $ 7,806,000 $ 6,330,000
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COMPUTATION OF ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING:
Weighted average shares outstanding 11,971,000 11,733,000 9,962,000
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Add: Effect of options and warrants outstanding 619,000 564,000
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Weighted average shares and common share equivalents used
for computation of primary earnings per common share 12,352,000 10,526,000
Add: Effect of additional options and warrants
outstanding for fully diluted computation 119,000 74,000
Add: Shares assumed to be issued upon conversion of
debentures 1,778,000 1,801,000
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Weighted average shares and common share equivalents used for
computation of fully diluted earnings per common share 14,249,000 12,401,000
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EARNINGS (LOSS) PER COMMON SHARE AND COMMON SHARE EQUIVALENT:
Primary:
Income (loss) from continuing operations $(1.46) $ .53 $ .55
Discontinued operations - .04 .02
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Net income (loss) $(1.46) $ .57 $ .57
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Fully Diluted:
Income (loss) from continuing operations $ .52 $ .50
Discontinued operations Note 1 .03 .01
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Net income (loss) $ .55 $ .51
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<FN>
Note 1 - As a result the loss, all options, warrants and convertible debentures
are anti-dilutive.
</FN>