HERLEY INDUSTRIES, INC.
AND SUBSIDIARIES
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
Thirteen weeks ended
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May 4, 1997 April 28, 1996
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Primary Fully Diluted Primary Fully Diluted
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Net Income $ 1,450,567 $ 1,450,567 $ 777,477 $ 777,477
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Weighted average shares outstanding:
Shares outstanding from beginning of period 3,115,846 3,115,846 2,802,274 2,802,274
Shares issued for options exercised 71,942 71,942 11,326 11,326
Treasury shares acquired (57,765) (57,765) (16,608) (16,608)
Common equivalents - options and warrants 383,061 383,061 222,116 222,116
Common equivalents - using period end price -- -- -- 137,794
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Weighted average common and common
equivalent shares outstanding 3,513,084 3,513,084 3,019,108 3,156,902
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Earnings per common and
common equivalent share: $ .41 $ .41 $ .26 $ .25
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Forty weeks ended Thirty-nine weeks ended
May 4, 1997 April 28, 1996
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Primary Fully Diluted Primary Fully Diluted
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Adjustment of net income:
Net Income $ 3,101,874 $ 3,101,874 $ 2,830,457 $ 2,830,457
Add elimination of interest, net of tax
benefit, under the modified treasury
stock method -- -- 77,222 --
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Adjusted net income $ 3,101,874 $ 3,101,874 $ 2,907,679 $ 2,830,457
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Weighted average shares outstanding:
Shares outstanding from beginning of period 2,936,122 2,936,122 3,015,988 3,015,988
Shares issued for options exercised 213,690 213,690 3,775 3,775
Treasury shares acquired (95,240) (95,240) (200,122) (200,122)
Common equivalents - options and warrants 481,016 481,016 548,063 548,063
Common equivalents - using period end price -- -- -- 53,567
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Weighted average common and common
equivalent shares outstanding 3,535,588 3,535,588 3,367,704 3,421,271
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Earnings per common and
common equivalent share: $ .88 $ .88 $ .86 $ .83
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