Exhibit 11
AEROFLEX INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
Nine Months Three Months
Ended March 31, Ended March 31,
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1997 1996 1997 1996
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COMPUTATION OF ADJUSTED NET INCOME (LOSS):
Net income (loss) for primary earnings
per common share $ 2,461,000 $(20,479,000) $ 917,000 $(22,084,000)
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Add: Debenture interest and amortization
expense, net of income taxes 369,000 Note 1 123,000 Note 1
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Adjusted net income (loss) for fully diluted
earnings per common share $ 2,830,000 $ 1,040,000
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COMPUTATION OF ADJUSTED WEIGHTED AVERAGE
SHARES OUTSTANDING:
Weighted average shares outstanding 12,432,000 11,876,000 12,523,000 11,937,000
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Add: Effect of options and warrants
outstanding 749,000 469,000
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Weighted average shares and common share
equivalents used for computation of primary
earnings per common share 13,181,000 12,992,000
Add: Effect of additional options and warrants
outstanding for fully diluted computation 46,000 -
Add: Shares assumed to be issued upon
conversion of debentures 1,774,000 1,774,000
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Weighted average shares and common share
equivalents used for computation of fully
diluted earnings per common share 15,001,000 14,766,000
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NET INCOME (LOSS) PER COMMON SHARE AND COMMON
SHARE EQUIVALENT:
Primary $ .19 $(1.72) $ .07 $(1.85)
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Fully Diluted $ .19 Note 1 $ .07 Note 1
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<FN>
Note 1 - As a result of the loss, all options, warrants and convertible
debentures are anti-dilutive.
</FN>