EXHIBIT 11.1
GREENWICH AIR SERVICES, INC.
COMPUTATION OF EARNINGS
PER COMMON SHARE
YEAR ENDED SEPTEMBER 30,
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1991 1992 1993 1994
(ALL AMOUNTS EXPRESSED IN ------------------------ ------------------------ ------------------------ ------------------------
THOUSANDS EXCEPT FOR PER FULLY FULLY FULLY FULLY
SHARE AMOUNTS) PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED
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Weighted average number
of common shares
outstanding............. 9,968 9,972 9,646 9,648 8,000 8,000 9,934 9,934
Additional shares
assuming conversion of:
Options and warrants 14 14
Subordinated debentures 2,627
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Weighted average number
of common shares
outstanding as adjusted 9,968 9,972 9,646 9,648 8,000 8,000 9,948 12,575
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Net income applicable to
common stock $ 3,469 $ 3,469 $ 2,506 $ 2,506 $ 3,374 $ 3,374 $ 3,346 $ 3,346
After-tax interest
savings from conversion
of subordinated
debentures 738
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Net income as adjusted $ 3,469 $ 3,469 $ 2,506 $ 2,506 $ 3,374 $ 3,374 $ 3,346 $ 4,084
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Earnings per common share $ 0.35 $ 0.35 $ 0.26 $ 0.26 $ 0.42 $ 0.42 $ 0.34 $ 0.33
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SIX MONTHS ENDED MARCH 31,
--------------------------------------------------
1995 1995 1996
(ALL AMOUNTS EXPRESSED IN ------------------------ ------------------------ ------------------------
THOUSANDS EXCEPT FOR PER FULLY FULLY FULLY
SHARE AMOUNTS) PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED
----------- ----------- ----------- ----------- ----------- -----------
Weighted average number
of common shares
outstanding............. 10,153 10,153 10,156 10,156 11,843 11,843
Additional shares
assuming conversion of:
Options and warrants 80 280 26 40 262 393
Subordinated debentures 2,403 2,906 609
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Weighted average number
of common shares
outstanding as adjusted 10,233 12,836 10,182 13,102 12,105 12,845
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Net income applicable to
common stock $ 6,201 $ 6,201 $ 2,359 $ 2,359 $ 4,418 $ 4,418
After-tax interest
savings from conversion
of subordinated
debentures 675 408 85
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Net income as adjusted $ 6,201 $ 6,876 $ 2,359 $ 2,767 $ 4,418 $ 4,503
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Earnings per common share $ 0.61 $ 0.54 $ 0.23 $ 0.21 $ 0.36 $ 0.35
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EXHIBIT 11.1
GREENWICH AIR SERVICES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
PROFORMA
SIX MONTHS ENDED PROFORMA
MARCH 31, YEAR ENDED
1996 SEPTEMBER 30,
------------------------------ 1995
------------------------------
PRIMARY FULLY DILUTED PRIMARY FULLY DILUTED
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Weighted average number of common shares
outstanding 11,843,133 11,843,133 10,153,452 10,153,452
Addition shares assuming conversion of:
Options and warrants 262,335 392,739 79,782 280,048
Subordinated debentures 608,718 2,402,906
Issuance of new shares 3,400,000 3,400,000 3,400,000 3,400,000
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Weighted average number of common shares
outstanding as adjusted 15,505,468 16,244,590 13,633,234 16,236,406
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Net income applicable to common stock $ 4,929,000 $ 4,929,000 $ 18,551,000 $ 18,551,000
After-tax interest savings from conversion of
subordinated debentures 85,464 674,376
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Net income as adjusted $ 4,929,000 $ 5,014,464 $ 18,551,000 $ 19,225,376
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Earnings per common share $ 0.32 $ 0.31 $ 1.36 $ 1.18
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