EXHIBIT 11.1
PICO PRODUCTS, INC.
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Six Months
Ended January 31, Ended January 31,
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1995 1994 1995 1994
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NET INCOME ATTRIBUTABLE
TO COMMON STOCK $ 150 $ 213 $ 333 $ 465
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PRIMARY EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,636 3,604 3,634 3,591
Dilutive effect of stock
options and warrants
after application of
treasury stock method 584 765 642 680
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Number of shares used to
compute primary
earnings per share 4,220 4,369 4,276 4,271
Primary earnings per share $ 0.04 $ 0.05 $ 0.08 $ 0.11
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FULLY DILUTED EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,636 3,604 3,634 3,591
Dilutive effect of stock
options and warrants
after application of
treasury stock method 584 765 642 746
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Number of shares used to
compute fully diluted
earnings per share 4,220 4,369 4,276 4,337
Fully diluted earnings per share $ 0.04 $ 0.05 $ 0.08 $ 0.11
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