Exhibit 11.1
HUGHES SUPPLY, INC.
SUMMARY SCHEDULE OF EARNINGS PER SHARE CALCULATIONS
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Potentially dilutive securities:
a) Options for common stock, issued under stock option plans.
b) 7% Convertible subordinated debentures, due May 1, 2011.
Year Year Year
Ended Ended Ended
1/31/92 1/29/93 1/28/94
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Line
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SHARES
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1 Average shares outstanding 4,551,997 4,552,171 4,552,798
2 Incremental shares (options) -
Assuming options outstanding at end of period
were exercised at beginning of period (or time
of issuance, if later) and proceeds were used
to purchase shares at average market price
during the period 0 12,014 96,135
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3 Shares used in calculating Earnings Per
Common and Common Equivalent Share 4,551,997 4,564,185 4,648,933
4 Incremental shares (options) -
Assuming options outstanding at end of period
were exercised at beginning of period (or time
of issuance, if later) and proceeds were used
to purchase shares at the higher of the
average market price during the period or the
market price at the end of the period; and
that options exercised during the period were
exercised at the beginning of the period(or
time of issuance, if later) and the proceeds
were used to, purchase shares at the market
price at the date of exercise 30 27,855 84,949
5 Incremental shares (debentures) -
Assuming debentures were converted at
beginning of period (or time of issuance, if
later) at most advantageous (for security
holder) conversion rate that becomes effective
within 10 years * 0 0 1,084,707
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6 Shares used in calculating Earnings Per Common
Share - Assuming Full Dilution 4,552,027 4,592,040 5,818,589
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HUGHES SUPPLY, INC.
Year Year Year
Ended Ended Ended
1/31/92 1/29/93 1/28/94
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Line
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EARNINGS
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7 Net income per financial statements, used in
calculating Earnings Per Common Share and
Earnings Per Common and Common Equivalent
Share $(3,858,829) $ 2,478,267 $ 6,285,738
8 Incremental earnings (debentures) -
Assuming interest charges applicable to
convertible debentures (and nondiscretionary
adjustments that would have been made based
on net income) are taken into account in
determining balance of income applicable to
common stock * 0 0 996,464
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9 Earnings used in calculating Earnings Per
Common Share - Assuming Full Dilution $(3,858,829) $ 2,478,267 $ 7,282,202
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Year Year Year
Ended Ended Ended
1/31/92 1/29/93 1/28/94
------- ------- -------
Line
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RESULTING PER SHARE DATA
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10 Earnings per common share (Line 7/Line 1) $ (0.85) $ 0.54 $ 1.38
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11 Earnings per common share and common
equivalent share (Line 7/Line 3) $ (0.85) $ 0.54 $ 1.35
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12 Dilution 0.0% 0.0% 2.2%
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13 Earnings per common share - assuming full
dilution (Line 9/Line 6) $ (0.85) $ 0.54 $ 1.25
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14 Dilution (antidilution) 0.0% 0.0% 9.4%
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15 Used in statements of operations:
[ ] Line 10, if dilution less than 3%, or antidilution,
exists for all periods.
[ X ] Lines 11 and 13, if dilution >= 3% for any period.
* Convertible debentures are antidilutive for fiscal years ending
January 29, 1993 and January 31, 1992, and, consequently, are not
used in the calculation of fully diluted earnings per share
for those years.