EXHIBIT 11
Play By Play Toys & Novelties, Inc. and Subsidiaries
Computation of Earnings Per Share
Year Ended July 31,
1997 1996 1995
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Primary:
Weighted average shares outstanding ......... 4,871,867 4,841,100 2,612,333
Dilutive effect of stock options and warrants 87,718 -- --
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Weighted average number of common
and common equivalent shares .............. 4,959,585 4,841,100 2,612,333
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Income before discontinued operations ....... 6,215,972 4,052,115 1,898,598
Loss from discontinued operations ........... -- (384,038) (259,361)
Net Income .................................. $ 6,215,972 $ 3,668,077 $ 1,639,237
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Income per share:
Income before discontinued operations ....... $ 1.25 $ 0.84 $ 0.73
Loss from discontinued operations ........... -- (0.08) (0.10)
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Net Income per share: ....................... $ 1.25 $ 0.76 $ 0.63
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Fully Diluted:
Weighted average shares outstanding ......... 4,871,867 4,841,100 2,612,333
Assumed conversion of Convertible
Subordinated Debentures ................... 70,105 -- --
Dilutive effect of stock options and warrants 236,653 -- --
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Weighted average number of common
and common equivalent shares .............. 5,178,625 4,841,100 2,612,333
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Net Income .................................. $ 6,215,972 $ 3,668,077 $ 1,639,237
Interest on convertible debt, net of tax .... 59,112 -- --
Loss from discontinued operations ........... -- (384,038) (259,361)
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Net income applicable to common stock ....... $ 6,275,084 $ 3,284,039 $ 1,379,876
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Income per share:
Income before discontinued operations ....... $ 1.21 $ 0.76 $ 0.63
Loss from discontinued operations ........... -- (0.08) (0.10)
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Net income per share: ....................... $ 1.21 $ 0.68 $ 0.53
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