Exhibit 11.1 HUGHES SUPPLY, INC. SUMMARY SCHEDULE OF EARNINGS PER SHARE CALCULATIONS (in thousands, except per share amounts) Potentially dilutive securities: Options for common stock, issued under stock option plan. Three Months Ended July 31, 1996 1995 Line - ---- SHARES ------ 1 Average shares outstanding 9,240 7,233 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 226 132 ---------- ---------- 3 Shares used in calculating Earnings Per Common and Common Equivalent Share 9,466 7,365 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 3 16 ---------- ---------- 5 Shares used in calculating Earnings Per Common Share - Assuming Full Dilution 9,469 7,381 ========== ========== EARNINGS -------- 6 Net income per financial statements $ 8,508 $ 5,674 ========== ========== RESULTING PER SHARE DATA ------------------------ 7 Earnings per common share (Line 6/Line 1) $ .92 $ .78 =========== =========== 8 Earnings per common share and common equivalent share (Line 6/Line 3) $ .90 $ .77 =========== =========== 9 Dilution 2.2% 1.3% =========== =========== 10 Earnings per common share - assuming full dilution (Line 6/Line 5) $ .90 $ .77 =========== =========== 11 Dilution 2.2% 1.3% =========== =========== 12 Used in statements of income: [ ] Line 7, if dilution less than 3%, or antidilution, exists for all periods. [ X ] Lines 8 and 10, if dilution >= 3% for any period. Six Months Ended July 31, 1996 1995 Line - ---- SHARES ------ 1 Average shares outstanding 8,290 7,158 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 198 121 ---------- ---------- 3 Shares used in calculating Earnings Per Common and Common Equivalent Share 8,488 7,279 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 12 22 ---------- ---------- 5 Shares used in calculating Earnings Per Common Share - Assuming Full Dilution 8,500 7,301 ========== ========== EARNINGS -------- 6 Net income per financial statements $ 12,829 $ 9,082 ========== ========== RESULTING PER SHARE DATA ------------------------ 7 Earnings per common share (Line 6/Line 1) $ 1.55 $ 1.27 =========== =========== 8 Earnings per common share and common equivalent share (Line 6/Line 3) $ 1.51 $ 1.25 =========== =========== 9 Dilution 2.6% 1.6% =========== =========== 10 Earnings per common share - assuming full dilution (Line 6/Line 5) $ 1.51 $ 1.24 =========== =========== 11 Dilution 2.6% 2.4% =========== =========== 12 Used in statements of income: [ ] Line 7, if dilution less than 3%, or antidilution, exists for all periods. [ X ] Lines 8 and 10, if dilution >= 3% for any period.