AUDIOVOX CORPORATION
Computation of Income (Loss) Per Common Share
Years Ended November 30, 1993, 1994 and 1995
(In thousands, except per share data)
1993 1994 1995
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Primary earnings:
Income (loss) before extraordinary item and cumulative
effect of a change in an accounting principle $10,051 $26,206 $(11,883)
Extraordinary item 2,173 - -
Cumulative effect of change in accounting principle - (178) -
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Net income (loss) $12,224 $26,028 $(11,883)
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Shares
Weighted average number of common shares
outstanding 9,009 9,037 9,039
Additional shares assuming conversion of:
Stock options, performance share awards, and
warrants 38 69 -
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Weighted average common shares outstanding, as
adjusted 9,047 9,106 9,039
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Primary earnings per common share:
Before extraordinary item and cumulative effect $ 1.11 $ 2.88 $ (1.31)
Extraordinary item $ 0.24 - -
Cumulative effect - $ (0.02) -
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Net income (loss) $ 1.35 $ 2.86 $ (1.31)
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Fully diluted earnings:
Income (loss) before extraordinary item and cumulative
effect of a change in an accounting principle $10,051 $26,206 $(11,883)
Net interest expense related to convertible debt 354 2,074 -
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Income before extraordinary item and cumulative
effect of a change in an accounting principle 10,405 28,280 -
Extraordinary item 2,173 - -
Cumulative effect of change in accounting principle - (178) -
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Net income (loss) applicable to common stock $12,578 $28,102 $(11,883)
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Shares
Weighted average number of common shares
outstanding 9,009 9,037 -
Additional shares assuming conversion of:
Stock options, performance share awards, and
warrants 46 88 -
Convertible debentures 1,023 3,644 -
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Weighted average common shares outstanding, as
adjusted 10,078 12,769 -
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Fully diluted earnings per common share:
Before extraordinary item and cumulative effect $ 1.03 $ 2.21 -
Extraordinary item $ 0.22 - -
Cumulative effect - (0.01) -
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Net income (loss) $ 1.25 $ 2.20 -
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NOTE: Certain amounts have been restated as discussed in Note 8 to the
consolidated financial statements.
Exhibit 11