Exhibit 11
AIR EXPRESS INTERNATIONAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
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1994 1993 1994 1993
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Primary:
Net income applicable to
common shares $ 6,149 $ 5,351 $ 9,631 $ 8,803
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Weighted average of common
shares outstanding 11,584 11,568 11,571 11,569
Common shares issuable on
exercise of stock options 125 144 114 152
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Average common shares outstanding 11,709 11,712 11,685 11,721
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Earnings per common share $ .53 $ .46 $ .82 $ .75
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Fully diluted:
Weighted average of common
shares outstanding 11,584 11,568 11,571 11,569
Common shares issuable on
exercise of stock options 131 144 129 152
Common shares issuable upon
assumed conversion of subordinated debentures 2,194 2,194 2,194 1,829
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Average common shares outstanding 13,909 13,906 13,894 13,550
========== ========== ========== ==========
Earnings per common share $ .49 $ .44 $ .80 $ .74
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<FN>
Primary earnings per share are computed by dividing net income by the weighted
average common and common equivalent shares outstanding during the period.
Fully diluted earnings per share have been calculated assuming the conversion
of the subordinated debentures and the elimination of the associated interest
expense, net of tax. For the quarters ended June 30, 1994 and 1993, the
interest elimination was $.73 million and $.78 million, respectively. For
the six months ended June 30, 1994 and 1993, the interest elimination was
$1.46 million and $1.28 million, respectively.