HERLEY INDUSTRIES, INC.
AND SUBSIDIARIES
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
Thirteen weeks ended
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April 28, 1996 April 30, 1995
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Primary Fully Diluted Primary Fully Diluted
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Net Income (loss) $ 777,477 $ 777,477 $ (4,758,738) $ (4,758,738)
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Weighted average shares outstanding:
Shares outstanding from beginning of period 2,802,274 2,802,274 3,615,815 3,615,815
Shares issued for options exercised 11,326 11,326 - -
Treasury shares acquired (16,608) (16,608) (50,581) (50,581)
Common equivalents - options and warrants 222,116 222,116 - -
Common equivalents - using period end price - 137,794 - -
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Weighted average common and common
equivalent shares outstanding 3,019,108 3,156,902 3,565,234 3,565,234
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Earnings (loss) per common and
common equivalent share: $.26 $.25 $(1.33) $(1.33)
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Thirty-nine weeks ended
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April 28, 1996 April 30, 1995
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Primary Fully Diluted Primary Fully Diluted
------- ------------- ------- -------------
Adjustment of net income (loss):
Net Income (loss) $ 2,830,457 $ 2,830,457 $ (5,056,211) $ (5,056,211)
Add elimination of interest, net of tax
benefit, under the modified treasury
stock method 77,222 - - -
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Adjusted net income (loss) $ 2,907,679 $ 2,830,457 $ (5,056,211) $ (5,056,211)
========= ========= ========= =========
Weighted average shares outstanding:
Shares outstanding from beginning of period 3,015,988 3,015,988 4,175,689 4,175,689
Shares issued for options exercised 3,775 3,775 15,556 15,556
Treasury shares acquired (200,122) (200,122) (299,307) (299,307)
Common equivalents - options and warrants 548,063 548,063 13,223 13,223
Common equivalents - using period end price - 53,567 - -
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Weighted average common and common
equivalent shares outstanding 3,367,704 3,421,271 3,905,161 3,905,161
========= ========= ========= =========
Earnings (loss) per common and
common equivalent share: $.86 $.83 $(1.29) $(1.29)
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11