Exhibit 11.1 HUGHES SUPPLY, INC. SUMMARY SCHEDULE OF EARNINGS PER SHARE CALCULATIONS (in thousands, except per share amounts) Potentially dilutive securities: a) Options for common stock, issued under stock option plan. b) 7% Convertible subordinated debentures, due May 1, 2011. Three Months Ended October 31, 1994 1993 Line - ---- SHARES ------ 1 Average shares outstanding 5,790 4,553 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 108 112 ---------- ---------- 3 Shares used in calculating Earnings Per Common and Common Equivalent Share 5,898 4,665 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 1 1 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 - 1,085 ---------- ---------- 6 Shares used in calculating Earnings Per Common Share - Assuming Full Dilution 5,899 5,751 ========== ========== EARNINGS -------- 7 Net income per financial statements, used in calculating Earnings Per Common Share and Earnings Per Common and Common Equivalent Share $ 2,778 $ 1,843 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 - 249 ---------- ---------- 9 Earnings used in calculating Earnings Per Common Share - Assuming Full Dilution $ 2,778 $ 2,092 ========== ========== Three Months Ended October 31, 1994 1993 Line - ---- RESULTING PER SHARE DATA ------------------------ 10 Earnings per common share (Line 7/Line 1) $ .48 $ .40 =========== =========== 11 Earnings per common share and common equivalent share (Line 7/Line 3) $ .47 $ .40 =========== =========== 12 Dilution 2.1% 0.0% =========== =========== 13 Earnings per common share - assuming full dilution (Line 9/Line 6) $ .47 $ .36 =========== =========== 14 Dilution 2.1% 10.0% =========== =========== 15 Used in statements of income: [ ] Line 10, if dilution less than 3%, or antidilution, exists for all periods. [ X ] Lines 11 and 13, if dilution >= 3% for any period. Nine Months Ended October 31, 1994 1993 Line - ---- SHARES ------ 1 Average shares outstanding 5,546 4,552 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 154 79 ---------- ---------- 3 Shares used in calculating Earnings Per Common and Common Equivalent Share 5,700 4,631 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 4 28 5 Incremental shares (debentures) - Assuming debentures were converted at beginning of period (or time of issuance, if Nine Months Ended October 31, 1994 1993 Line - ---- later) at most advantageous (for security holder) conversion rate that becomes effective within 10 years 240 1,085 ---------- ---------- 6 Shares used in calculating Earnings Per Common Share - Assuming Full Dilution 5,944 5,744 ========== ========== EARNINGS -------- 7 Net income per financial statements, used in calculating Earnings Per Common Share and Earnings Per Common and Common Equivalent Share $ 7,456 $ 4,260 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 166 747 ---------- ---------- 9 Earnings used in calculating Earnings Per Common Share - Assuming Full Dilution $ 7,622 $ 5,007 ========== ========== RESULTING PER SHARE DATA ------------------------ 10 Earnings per common share (Line 7/Line 1) $ 1.34 $ .94 =========== =========== 11 Earnings per common share and common equivalent share (Line 7/Line 3) $ 1.31 $ .92 =========== =========== 12 Dilution 2.2% 2.1% =========== =========== 13 Earnings per common share - assuming full dilution (Line 9/Line 6) $ 1.28 $ .87 =========== =========== 14 Dilution 4.5% 7.4% =========== =========== 15 Used in statements of income: [ ] Line 10, if dilution less than 3%, or antidilution, exists for all periods. [ X ] Lines 11 and 13, if dilution >= 3% for any period.