EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Six
Months Ended Months Ended
March 31, March 31,
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1996 1995 1996 1995
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Primary:
Earnings
Net income $ 3,663 $ 1,485 $ 6,563 $ 3,618
Less: Dividends on preferred shares (a) 1,000 -- 2,000 --
--------- --------- --------- ---------
Net income applicable to common shares $ 2,663 $ 1,485 $ 4,563 $ 3,618
========= ========= ========= =========
Shares
Weighted average number of unrestricted
common shares outstanding 6,376,100 9,125,367 6,376,100 9,125,367
Weighted average number of restricted
common shares outstanding, net 91,973 182,683 89,093 133,514
Dilutive effect of outstanding options as determined
by the application of the treasury stock method 19,054 -- 20,258 --
--------- --------- --------- ---------
Weighted average number of shares outstanding,
as adjusted 6,487,127 9,308,050 6,485,451 9,258,881
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Primary net income per share $0.41 $0.16 $0.70 $0.39
========= ========= ========= =========
Fully-diluted:
Earnings
Net income $ 3,663 $ 1,485 $ 6,563 $ 3,618
========= ========= ========= =========
Shares
Weighted average number of unrestricted
common shares outstanding 6,376,100 9,125,367 6,376,100 9,125,367
Weighted average number of restricted
common shares outstanding, net 91,973 182,683 89,093 133,514
Dilutive effect of outstanding options as determined 19,054 -- 20,258 --
by the application of the treasury stock method
Assumed conversion of preferred stock (a) 2,624,672 -- 2,624,672 --
--------- --------- --------- ---------
Weighted average number of shares outstanding,
as adjusted 9,111,799 9,308,050 9,110,123 9,258,881
========= ========= ========= =========
Net income per share assuming full dilution $0.40 $0.16 $0.72(b) $0.39
========= ========= ========= =========
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(a) The Company's Series A Cumulative Convertible Exchangeable Preferred
Stock (2,000,000 shares of $50,000,000 aggregate liquidation preference,
convertible into 2,624,672 shares of common stock).
(b) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.