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 October 31,
1997 1996
Line
- ----
SHARES
------
1 Average shares outstanding 18,395 16,628
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 324 342
---------- ----------
3 Shares used in calculating Earnings Per
Common and Common Equivalent Share 18,719 16,970
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 55 9
---------- ----------
5 Shares used in calculating Earnings Per
Common Share - Assuming Full Dilution 18,774 16,979
========== ==========
EARNINGS
--------
6 Net income per financial statements $ 13,138 $ 10,415
========== ==========
RESULTING PER SHARE DATA
------------------------
7 Earnings per common share (Line 6/Line 1) $ .71 $ .63
========== ==========
8 Earnings per common share and common
equivalent share (Line 6/Line 3) $ .70 $ .61
========== ==========
9 Dilution 1.4% 3.2%
========== ==========
10 Earnings per common share - assuming full
dilution (Line 6/Line 5) $ .70 $ .61
========== ==========
11 Dilution 1.4% 3.2%
========== ==========
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.
Nine Months
Ended October 31,
1997 1996
Line
- ----
SHARES
------
1 Average shares outstanding 17,916 15,004
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 287 308
---------- ----------
3 Shares used in calculating Earnings Per
Common and Common Equivalent Share 18,203 15,312
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 104 51
---------- ----------
5 Shares used in calculating Earnings Per
Common Share - Assuming Full Dilution 18,307 15,363
========== ==========
EARNINGS
--------
6 Net income per financial statements $ 33,198 $ 25,136
========== ==========
RESULTING PER SHARE DATA
------------------------
7 Earnings per common share (Line 6/Line 1) $ 1.85 $ 1.68
========== ==========
8 Earnings per common share and common
equivalent share (Line 6/Line 3) $ 1.82 $ 1.64
========== ==========
9 Dilution 1.6% 2.4%
========== ==========
10 Earnings per common share - assuming full
dilution (Line 6/Line 5) $ 1.81 $ 1.64
========== ==========
11 Dilution 2.2% 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.