EXHIBIT 11 -- STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
NATIONAL COMPUTER SYSTEMS, INC.
YEAR ENDED JANUARY 31
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1994 1993 1992 1991 1990
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
PRIMARY
Average shares outstanding................ 15,438 15,915 16,002 15,891 16,003
Dilutive stock options -- based on the
treasury stock method using average
market price............................. 97 151 136 -- 20
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TOTAL................................... 15,535 16,066 16,138 15,891 16,023
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Net income (loss)........................... $ (2,509) $ 16,508 $ 15,474 $ 13,022 $ 7,317
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Net income (loss) per share................. $ (.16) $ 1.03 $ .96 $ .82 $ .46
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FULLY DILUTED
Average shares outstanding................ 15,438 15,915 16,002 15,891 16,003
Dilutive stock options -- based on the
treasury stock method using the higher of
year-end market price or average market
price.................................... 99 164 199 78 47
Assumed conversion of convertible
subordinated debenture................... -- -- 361 1,937 2,250
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TOTAL................................... 15,537 16,079 16,562 17,906 18,300
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Net income (loss)........................... $ (2,509) $ 16,508 $ 15,474 $ 13,022 $ 7,317
Add interest on convertible subordinated
debenture, net of the income tax effect.... -- -- 363 1,795 1,999
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$ (2,509) $ 16,508 $ 15,837 $ 14,817 $ 9,316
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Net income (loss) per share................. $ (.16) $ 1.03 $ .96 $ .83 $ .51
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