EXHIBIT 11
PAC RIM HOLDING CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(Amounts in Thousands, Except Per Share Data)
Year Ended December 31,
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1996 1995 1994
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Primary:
Average shares outstanding 9,528 9,528 9,528
Net effect of dilutive stock
warrants and options--based on
modified treasury stock method
using average market price 2,801 2,852
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Totals 12,329 12,380 9,528
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Net income (loss) $(15,900) $ 575 $1,158
add interest on retirement
convertible debenture, net of tax 821 861
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Net income (loss) for primary
earnings per share (15,079) $ 1,436 $1,158
Per share income (loss) amount* $(1.67) $0.06 $0.12
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Assuming full dilution:
Average shares outstanding 9,528 9,528 9,528
Net effect of dilutive stock
warrants and options--based on
modified treasury stock method
using closing market price 2,801 2,852
Assumed conversion of convertible
debenture 7,273 7,273
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Totals 19,602 19,653 9,528
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Net income (loss) $(15,900) $575 $1,158
Add interest on conversion of
convertible debenture, net of tax 1,414 1,522 861
Add interest income from excess
funds on conversion, net of tax 392 471
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Net income (loss) for fully diluted
earnings per share $(14,094) $ 2,568 $1,158
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Net share income (loss) amount* $(1.67) $0.06 $0.12
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*The common stock equivalent shares arising from the effects of stock options,
warrants, and convertible debentures were antidilutive for the year ended
December 31, 1996, therefore, 9,528,000 are used for the calculation of primary
and fully diluted earnings per share.