EXHIBIT 11.1
PICO PRODUCTS, INC.
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Nine Months
Ended April 30, Ended April 30,
--------------------- ---------------------
1995 1994 1995 1994
--------- --------- --------- ---------
NET INCOME ATTRIBUTABLE
TO COMMON STOCK $ 56 $ 219 $ 390 $ 684
--------- --------- --------- ---------
--------- --------- --------- ---------
PRIMARY EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,637 3,617 3,635 3,599
Dilutive effect of stock
options and warrants
after application of
treasury stock method 592 729 628 698
--------- --------- --------- ---------
Number of shares used to
compute primary
earnings per share 4,229 4,346 4,263 4,297
Primary earnings per share $ 0.01 $ 0.05 $ 0.09 $ 0.16
--------- --------- --------- ---------
--------- --------- --------- ---------
FULLY DILUTED EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,637 3,617 3,635 3,599
Dilutive effect of stock
options and warrants
after application of
treasury stock method 592 729 628 720
--------- --------- --------- ---------
Number of shares used to
compute fully diluted
earnings per share 4,229 4,346 4,263 4,319
Fully diluted earnings per share $ 0.01 $ 0.05 $ 0.09 $ 0.16
--------- --------- --------- ---------
--------- --------- --------- ---------