EXHIBIT 11
MITCHAM INDUSTRIES, INC.
COMPUTATION OF EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARE
Three months ended
April 30,
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1996 1995
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Computation of primary earnings per common share:
Net income ............................................. $505,000 $376,000
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Weighted average number of common shares
outstanding ........................................... 3,435,006 3,170,000
Net effect of dilutive stock options and warrants,
based on the treasury stock method, using average
market price.. ........................................ 589,023 -
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Common shares outstanding .............................. 4,024,029 3,170,000
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Earnings per common share .............................. $0.13 $0.12
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Computation of earnings per common share
assuming full dilution:
Net income ............................................. $505,000 $376,000
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Weighted average number of common shares
outstanding ........................................... 3,435,006 3,170,000
Net effect of dilutive stock options and warrants based
on the treasury stock method, using the end-of-period
market price .......................................... 723,757 -
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Common shares outstanding assuming full dilution ....... 4,158,763 3,170,000
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Earnings per common share assuming full dilution ....... $0.12 $0.12
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