EXHIBIT 11.1
WEST MARINE, INC.
STATEMENT RE: COMPUTATION OF
NET (LOSS) INCOME PER SHARE
(in thousands, except (loss) income per share amounts)
13 Weeks 13 Weeks
Ended Ended
March 29, March 30,
1997 1996
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Primary
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Net (loss) income $(1,158) $ 332
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Weighted average common shares outstanding 16,521 14,950
Common equivalent shares:
Stock options (1) 962
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Weighted average common and
common equivalent shares 16,521 15,912
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Net (loss) income per common and common equivalent share ($0.07) $0.02
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Fully diluted
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Net (loss) income $(1,158) $ 332
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Weighted average shares outstanding 16,521 14,950
Common equivalent shares:
Stock options (1) 1,060
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Weighted average common and
common equivalent shares 16,521 16,010
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Net (loss) income per common and common equivalent share ($0.07) $0.02
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(1) Earnings per share are calculated in accordance with Accounting Principles
Board Opinion No. 15, "Earnings Per Share". Under such opinion, stock
options or common equivalent shares, have been excluded from the
calculation during the first quarter of 1997 as they are anti-
dilutive.