Exhibit 11
COMPUDYNE CORPORATION
COMPUTATION OF EARNINGS PER SHARE PER COMMON AND COMMON
EQUIVALENT SHARE
Three Months Ended
March, 31,
1997 1996
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Primary earnings per share
Net Earnings from continuing operations $ 120 $ 40
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Weighted average common and common
equivalent shares 2,848 1,808
Adjustment to options - 28
Adjustment for preferred shares 1,260 1,260
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4,108 3,096
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Earnings per share: $ .03 $ .01
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Fully diluted earnings per share:
Earnings from continuing operations $ 120 $ 40
Adjustment for interest on promissory
notes - 10
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Net earnings $ 120 $ 50
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Weighted average common and common
equivalent shares 2,848 3,096
Adjustment for options - 284
Adjustment for preferred shares 1,260 -
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Fully diluted shares 4,108 3,380
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Earnings per share: $ .03 $ .01