EXHIBIT 11
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION
COMPUTATION OF PER SHARE EARNINGS
(in thousands, except per-share amounts)
Year ended January 31
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1994 1993 1992
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PRIMARY:
Net Income $ 41,500 $ 38,075 $ 33,616
Reduction of interest expense, net of
income tax expense on assumed retirement
of short-term and long-term debt 501 465 ---
Interest earned, net of income tax expense
on assumed investment of U.S. government
securities or commercial paper 17 --- ---
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Adjusted net income $ 42,018 $ 38,540 $ 33,616
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Weighted average shares outstanding 45,404 44,168 43,573
Dilutive stock options, based on the
modified treasury stock method for
1993 and 1994 and treasury stock
method for 1992, using average fair
value 2,025 2,011 1,252
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Total average shares outstanding 47,429 46,179 44,825
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Per Share Amount $ .89 $ .83 $ .75
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FULLY DILUTED:
Net Income $ 41,500 $ 38,075 $ 33,616
Reduction of interest expense, net of
income tax expense on assumed retirement
of short-term and long-term debt 435 425 ---
Interest earned, net of income tax expense
on assumed investment of U.S. government
securities or commercial paper 5 --- ---
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Adjusted net income $ 41,940 $ 38,500 $ 33,616
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Weighted average shares outstanding 45,404 44,168 43,573
Dilutive stock options, based on the
modified treasury stock method for
1993 and 1994 and treasury stock
method for 1992, using year-end or
exercise date established price
if higher than average fair value 2,025 2,011 1,536
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Total average shares outstanding 47,429 46,179 45,109
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Per Share Amount $ .88 $ .83 $ .75
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