Exhibit 11
WTD INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF REGISTRANT'S NET INCOME PER COMMON SHARE
(In Thousands, Except Per-Share Data)
YEAR ENDED APRIL 30,
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1994 1993 1992
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INCOME BEFORE EXTRAORDINARY ITEMS $ 6,300 $ 2,413 $ 1,825
EXTRAORDINARY ITEMS -- 21,345 1,167
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NET INCOME 6,300 23,758 2,992
PREFERRED DIVIDENDS 1,616 647 --
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NET INCOME APPLICABLE TO
COMMON SHAREHOLDERS $ 4,684 $ 23,111 $ 2,992
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WEIGHTED AVERAGE NUMBER
OF COMMON SHARES (1) 9,477 3,744 2,492
ADDITIONAL SHARES ASSUMED FROM:
Conversion of Series B
preferred stock 1,770 2,367 --
Exercise of stock options 186 55 --
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AVERAGE NUMBER OF SHARES AND
EQUIVALENTS OUTSTANDING
- PRIMARY BASIS 11,433 6,166 2,492
ADDITIONAL SHARES ASSUMED FROM
EXERCISE OF STOCK OPTIONS 86 65 --
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AVERAGE NUMBER OF SHARES AND
EQUIVALENTS OUTSTANDING
- ASSUMING FULL DILUTION 11,519 6,231 2,492
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NET INCOME PER COMMON SHARE
- PRIMARY BASIS
Before extraordinary items $0.41 $0.29 $0.73
Extraordinary items 0.00 3.46 0.47
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$0.41 $3.75 $1.20
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NET INCOME PER COMMON SHARE
- ASSUMING FULL DILUTION
Before extraordinary items $0.41 $0.28 $0.73
Extraordinary items 0.00 3.43 0.47
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$0.41 $3.71 $1.20
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<FN>
(1) Adjusted for four-for-ten "reverse" common stock split on November 30, 1992.