EXHIBIT 11
PAC RIM HOLDING CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
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1996 1995 1996 1995
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PRIMARY:
Average shares outstanding 9,528 9,528 9,528 9,528
Net effect of dilutive stock
warrants and options--based on
modified treasury stock method
using average market price 2,814 2,816 2,814 2,816
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Totals 12,342 12,344 12,342 12,344
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Net income (loss) $(5,216) $ (532) $(5,656) $ 812
Add interest on retirement of convertible
debenture, net of tax 227 205 684 646
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Net income (loss) for primary earnings per share $(4,989) $ (327) $(4,972) $ 1,458
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Per share income (loss) amount* $ (0.55) $ (0.06) $ (0.59) $ 0.09
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ASSUMING FULL DILUTION:
Average shares outstanding 9,528 9,528 9,528 9,528
Net effect of dilutive stock
warrants and options--based on
modified treasury stock method
using closing market price 2,814 2,816 2,814 2,816
Assumed conversion of convertible debenture 7,273 7,273 7,273 7,273
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Totals 19,615 19,617 19,615 19,617
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Net income (loss) $(5,216) $ (532) $(5,656) $ 812
Add interest on conversion of convertible
debenture, net of tax 387 380 1,156 1,140
Add interest income from excess funds on
conversion, net of tax 110 102 327 307
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Net income (loss) for fully diluted earnings per share $(4,719) $ (50) $(4,173) $ 2,259
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Per share income (loss) amount* $ (0.55) $ (0.06) $ (0.59) $ 0.09
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*The Common Stock equivalent shares arising from the effects of stock options,
warrants, and convertible debentures were antidilutive for the quarter ended
September 30, 1996, therefore, 9,528,000 are used for the calculation of primary
and fully diluted earnings per share.