1
Exhibit 11.1
BUSINESS RESOURCE GROUP
COMPUTATION OF NET INCOME PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED
APRIL 30, APRIL 30,
----------------- ----------------
1996 1995 1996 1995
------- ------ -------- ------
FULLY DILUTED
Net income .......................................... $ 527 $ 933
======= ========
Weighted average shares outstanding-
Common shares ..................................... 4,841 4,841
Common equivalent shares-
Stock options ..................................... 78 48
------- --------
Total common stock and common
stock equivalents ................................. 4,919 4,889
======= ========
Net income per common and
common share equivalent ........................... $ .11 $ .19
======= ========
Pro forma net income ................................ $ 480 $ 702
====== ======
Weighted average shares outstanding-
Pro forma common shares ........................... 3,085 3,085
Pro forma common equivalent shares:
Stock options ..................................... 58 58
Supplemental shares (1) ........................... 263 263
------ ------
Total pro forma common stock and
common stock equivalents .......................... 3,406 3,406
====== ======
Pro forma net income
per common share .................................. $ .14 $ .21
====== ======
(1) Represents the approximate number of shares that would have to have been
sold to fund the distribution of undistributed S Corporation earnings.
Page 13 of 13