EUROPEAN MICRO HOLDINGS, INC.
EXHIBIT 11.01
STATEMENT RE: COMPUTATION OF EARNINGS
The calculation of earnings per share are detailed in the table below:
THREE MONTHS ENDED NINE MONTHS ENDED
MARCH 31, MARCH 31,
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2000 1999 2000 1999
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EARNINGS (LOSS)
Net income (in thousands) $ (1,308) $ 22 $ (1090) $ 768
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WEIGHTED AVERAGE NUMBER OF SHARES
Outstanding common stock during the period 4,933,900 4,933,900 4,933,900 4,933,900
Contingently issuable shares 24,392 42,983 74,504 20,206
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BASIC WEIGHTED AVERAGE NUMBER OF SHARES 4,958,292 4,976,883 5,008,404 4,954,106
Effect of dilutive stock options and other contingent shares - 43,670 - 24,206
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DILUTED WEIGHTED AVERAGE NUMBER OF SHARES 4,958,292 5,020,553 5,008,404 4,978,312
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Basic earnings (loss) per share $ (0.26) $ 0.00 $ (0.22) $ 0.15
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Diluted earnings (loss) per share $ (0.26) $ 0.00 $ (0.22) $ 0.15
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During the three-month period ended March 31, 2000, the Company issued options
to purchase up to 10,000 shares of Common Stock at exercise prices ranging from
$9.00 to $9.25 per share. The above dilutive earnings per share calculations for
the three-month and nine-month periods ended March 31, 2000, exclude the effect
of options to purchase 329,000 shares of common stock at exercise prices ranging
from $10.00 to $12.00 per share, due to the fact they were anti-dilutive (i.e.,
the exercise price was greater than the average market price for the respective
periods). The above dilutive earnings per share calculations for the three-month
and nine-month periods ended March 31, 1999, exclude the effect of options to
purchase 20,000 shares of common stock at an exercise price of $11.00 per share,
due to the fact they were anti-dilutive. Also see "Note 4 (Goodwill) to the
Consolidated Condensed Financial Statements" related to contingently issuable
shares related to acquisitions. However, the effect of contingent shares related
to the payment due after the first contingent earn-out period of the Sunbelt
acquisition has not been included in the three month period ended March 31,
2000, as such payment was paid in cash in November 1999. Also the effect of the
contingent shares related to the second contingent earn-out of the Sunbelt
acquisition are not included, as the conditions necessary for such contingent
shares to be issued have not been met as of March 31, 2000. However, the effect
of contingent shares related to the guaranteed earn-out amount payable after the
second contingent earn-out period is included. The effect of contingent shares
related to the first earn-out of American Micro is not included in the
three-month period ended March 31, 2000, as such payment was paid in cash in
March 2000. The effect of contingent shares related to second earn-out of
American Micro is not included, as the amount of such contingent shares to be
issued are not determinable.