IFR SYSTEMS, INC.
EXHIBIT (11) - STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
1995 1994 1993
---------- --------- ---------
PRIMARY:
Average shares outstanding 5,314 5,237 5,220
Net effect of dilutive stock
options-based on the treasury
stock method using average
market price 142 56 (45)
---------- --------- ---------
Totals 5,456 5,293 5,175
---------- --------- ---------
---------- --------- ---------
Net Income $ 2,251 $ 987 $ 877
---------- --------- ---------
---------- --------- ---------
Per Share Amount $ 0.41 $ 0.19 $ 0.17
---------- --------- ---------
---------- --------- ---------
FULLY DILUTED:
Average shares outstanding 5,314 5,237 5,220
Net effect of dilutive stock
options-based on the treasury
stock method using the period-
end market price, if greater
than average market price 212 56 21
Assumed conversion of 10%
convertible notes 119 153 153
---------- --------- ---------
Totals 5,645 5,446 5,394
---------- --------- ---------
---------- --------- ---------
Net Income $ 2,251 $ 987 $ 877
Add 10% convertible note interest,
net of federal income tax effect 58 81 81
---------- --------- ---------
Totals $ 2,309 $ 1,068 $ 958
---------- --------- ---------
---------- --------- ---------
Per Share Amount $ 0.41 $ 0.20 $ 0.18
---------- --------- ---------
---------- --------- ---------
NOTE--Average shares outstanding used for Net Income Per Share included in the
Company's financial statements do not reflect the effect of the stock options
granted or convertible notes since their aggregate effect is less than 3%.