EXHIBIT 11.1
GULFSTREAM AEROSPACE CORPORATION AND SUBSIDIARIES
Computation of Earnings per Common Share
(In thousands, except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
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1997 1996 1997 1996
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Net income applicable to common shares $39,504 $9,282 $79,534 $15,359
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Shares:
Average shares issued and
outstanding (after giving effect to
the Recapitalization) 74,068 65,403 73,994 65,403
Exercise of certain stock options
with the Offering - 3,949 - 3,949
Incremental shares applicable to stock
options outstanding after the exercise
of certain stock options with the
Offering 4,651 4,624 4,644 4,624
Shares issued pursuant to the
Offering - 4,559 - 4,559
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Weighted average common and common
equivalent shares outstanding 78,719 78,535 78,638 78,535
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Net income per common and common
equivalent share $ .50 $ .12 $ 1.01 $ .20
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Note: Shares and stock options issued prior to October 16, 1996, the date
of the Offering (see Note 10 to the consolidated financial statements
included in the 1996 Annual Report to Stockholders), are treated as
outstanding for all reported periods.