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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1996 1995 1996 1995
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NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON STOCK $ (99) $ 150 $ (97) $ 333
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PRIMARY EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,685 3,636 3,668 3,634
Dilutive effect of stock
options and warrants
after application of
treasury stock method - 584 - 642
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Number of shares used to
compute primary
earnings (loss)per share 3,685 4,220 3,668 4,276
Primary earnings (loss) per share $ (0.03) $ 0.04 $ (0.03) $ 0.08
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FULLY DILUTED EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 3,685 3,636 3,668 3,634
Dilutive effect of stock
options and warrants
after application of
treasury stock method - 584 - 642
-------- -------- -------- --------
Number of shares used to
compute fully diluted
earnings (loss) per share 3,685 4,220 3,668 4,276
Fully diluted earnings (loss)per
share
$ (0.03) $ 0.04 $ (0.03) $ 0.08
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