1 EXHIBIT 11 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE ALIGN-RITE INTERNATIONAL, INC. The computation of net income per share for the years ended March 31, 1996, 1995 and 1994 is as follows: 1996 1995 1994 ---------- ---------- ---------- PRIMARY Net income........................................... $4,964,264 $3,423,569 $1,729,130 Reduction of interest expense, net of tax effect..... -- 89,177 -- ---------- ---------- ---------- $4,964,264 $3,512,746 $1,729,130 ========= ========= ========= Average common shares outstanding.................... 3,698,037 1,314,725 1,310,725 Conversion of preferred stock........................ -- 1,185,746 1,185,746 Ordinary equivalent shares issuable upon the exercise of options and warrants currently outstanding to purchase ordinary shares subject to 20% limitation on assumed repurchase.............................. 445,157 976,095 37,902 ---------- ---------- ---------- 4,143,194 3,476,566 2,534,373 ========= ========= ========= Net income per share................................. $ 1.20 $ 1.01 $ 0.68 ========= ========= ========= FULLY DILUTED Net income........................................... $4,964,264 $3,423,569 $1,729,130 ========= ========= ========= Average common shares outstanding.................... 3,698,037 1,314,725 1,310,725 Conversion of preferred stock........................ -- 1,185,746 1,185,746 Ordinary equivalent shares issuable upon the exercise of options and warrants currently outstanding to purchase ordinary shares........................... 445,157 990,174 37,902 ---------- ---------- ---------- 4,143,194 3,490,645 2,534,373 ========= ========= ========= Net income per share................................. $ 1.20 $ 0.98 $ 0.68 ========= ========= ========= 68