Exhibit 11A CAPITAL ASSOCIATES, INC. AND SUBSIDIARIES COMPUTATION OF PRIMARY EARNINGS PER SHARE THREE MONTHS ENDED NINE MONTHS ENDED -------------------------- -------------------------- February 28, February 28, February 28, February 28, 1995 1994 1995 1994 ------------ ------------ ------------ ------------ Shares outstanding at beginning of period 10,211,000 9,654,000 9,759,000 9,654,000 Shares issued during the period (weighted average) - 61,000 352,000 54,000 Dilutive shares contingently issuable upon exercise of options (weighted average) 1,832,000 2,265,000 1,966,000 2,287,000 Less shares assumed to have been purchased for treasury with assumed proceeds from exercise of stock options (weighted average) (1,383,000) (1,129,000) (1,245,000) (1,017,000) ---------- ---------- ---------- ---------- Total shares, primary 10,660,000 10,851,000 10,832,000 10,978,000 ========== ========== ========== ========== Net income $ 54,000 $ 187,000 $ 288,000 $ 642,000 ========== ========== ========== ========== Income per common and common equivalent share, primary $ 0.01 $ 0.02 $ 0.03 $ 0.06 ========== ========== ========== ==========