IFR SYSTEMS, INC.
EXHIBIT (11.0) - STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
THREE MONTHS ENDED SIX MONTHS ENDED
DECEMBER 31, DECEMBER 31,
1995 1994 1995 1994
---------- ---------- ---------- ----------
(000'S OMITTED, EXCEPT PER SHARE DATA)
PRIMARY:
Average shares outstanding 5,489 5,268 5,489 5,262
Net effect of dilutive stock
options-based on the treasury
stock method using average
market price 111 88 133 28
---------- ---------- ---------- ----------
Totals 5,600 5,356 5,622 5,290
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net Income $ 1,293 $ 878 $ 1,701 $ 1,063
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Per Share Amount $ 0.23 $ 0.16 $ 0.30 $ 0.20
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
FULLY DILUTED:
Average shares outstanding 5,490 5,268 5,490 5,262
Net effect of dilutive stock
options-based on the treasury
stock method using the period-
end market price, if greater
than average market price 111 122 133 122
Assumed conversion of 10%
convertible notes 16 153 16 153
---------- ---------- ---------- ----------
Totals 5,617 5,543 5,639 5,537
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net Income $ 1,293 $ 878 $ 1,701 $ 1,063
Add 10% convertible note interest,
net of federal income tax effect 2 18 2 37
---------- ---------- ---------- ----------
Totals $ 1,295 $ 896 $ 1,703 $ 1,100
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Per Share Amount $ 0.23 $ 0.16 $ 0.30 $ 0.20
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
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%.