EXHIBIT 11.1
ACTIVE VOICE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
Year Ended March 31,
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1996 1995 1994
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PRIMARY EARNINGS PER SHARE
Average shares outstanding 4,515,698 4,434,541 3,276,175
Net effect of dilutive stock options
based on the treasury stock method
using average market price 128,046 168,920 226,727
Net effect of stock options issued during the
12 months prior to the initial public
offering at less than the offering price
based on the treasury stock method using
$15.00 per share, treated as outstanding for
all periods presented 39,373
Dilutive effect of Convertible Preferred Stock 519,323
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Total 4,643,744 4,603,461 4,061,598
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Net income $5,161,914 $5,109,725 $3,579,147
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Per share amount $1.11 $1.11 $0.88
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FULLY DILUTED EARNINGS PER SHARE
Average shares outstanding 4,515,698 4,434,541 3,276,175
Net effect of dilutive stock options based
on the treasury stock method using the year
end market price, if higher than average
market price 129,690 173,683 237,616
Net effect of stock options issued during
the 12 months prior to the initial public
offering at less than the offering price
based on the treasury stock method using
$15.00 per share, treated as outstanding
for all periods presented 39,373
Dilutive effect of Convertible Preferred Stock 519,323
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Total 4,645,388 4,608,224 4,072,487
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Net income $5,161,914 $5,109,725 $3,579,147
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Per share amount $1.11 $1.11 $0.88
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