AUDIOVOX CORPORATION
Computation of Income (Loss) Per Common Share
Years Ended November 30, 1996, 1995 and 1994
(In thousands, except per share data)
1996 1995 1994
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Primary earnings:
Income (loss) before cumulative effect of a change
in an accounting principle $(26,469) $(11,883) $26,206
Cumulative effect of change in accounting principle - - (178)
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Net income (loss) $(26,469) $(11,883) $26,028
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Shares
Weighted average number of common shares
outstanding 9,398 9,039 9,037
Additional shares assuming conversion of:
Stock options, performance share awards, and
warrants - - 69
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Weighted average common shares outstanding, as
adjusted 9,398 9,039 9,106
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Primary earnings per common share:
Before cumulative effect $ (2.82) $ (1.31) $ 2.88
Cumulative effect - - $ (0.02)
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Net income (loss) $ (2.82) $ (1.31) $ 2.86
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Fully diluted earnings*:
Income (loss) before cumulative effect of a change
in an accounting principle - - $26,206
Net interest expense related to convertible debt - - 2,074
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Income before cumulative effect of a change in an
accounting principle - - 28,280
Cumulative effect of change in accounting principle - - (178)
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Net income (loss) applicable to common stock - - $28,102
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Shares
Weighted average number of common shares
outstanding - - 9,037
Additional shares assuming conversion of:
Stock options, performance share awards, and
warrants - - 88
Convertible debentures - - 3,644
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Weighted average common shares outstanding, as
adjusted - - 12,769
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Fully diluted earnings per common share:
Before cumulative effect - - $ 2.21
Cumulative effect - - $ (0.01)
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Net income (loss) - - $ 2.20
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*The Company did not compute fully-diluted earnings per share as the addition of
potentially dilutive securities would result in anti-dilution.
NOTE: Certain amounts have been restated as discussed in Note 8 to the
consolidated financial statements.
Exhibit 11