SMC CORPORATION EXHIBIT 11
STATEMENT OF CALCULATION OF AVERAGE
COMMON SHARES OUTSTANDING
Three Months Six Months
Ended Ended
June 30, 1996 June 30, 1996
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Primary Earnings Per Share:
Weighted average number of shares 6,563,064 6,563,064
Stock option plan shares to be issued at
prices ranging from $7.25 to $11.50 per share 798,000 798,000
Warrant issues at a price of $9.30 per share 125,000 125,000
Less: Assumed purchase of shares by the Company
at the average market price during the
period using the proceeds received upon
the assumed exercise of the outstanding
options and warrants (825,393) (874,196)
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Total Primary Shares 6,660,671 6,611,968
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Fully Diluted Earnings Per Share:
Weighted average number of shares 6,563,064 6,563,064
Stock option plan shares to be issued at prices
ranging from $7.25 to $11.50 per share 798,000 798,000
Warrant issues at a price of $9.30 per share 125,000 125,000
Less: Assumed purchase of shares by the Company
at the higher of ending or average market
price during the period using the proceeds
received upon the assumed exercise of the
outstanding options and warrants (779,041) (827,184)
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Total Diluted Shares (1) 6,707,023 6,658,880
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(1) Fully diluted EPS was not presented as its effect was less than 3% of
primary earnings per share.