EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Nine
Months Ended Months Ended
June 30, June 30,
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1996 1995 1996 1995
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Primary:
Earnings
Net income $ 4,817 $ 1,417 $ 11,379 $ 5,035
Less: Dividends on preferred shares (a) 1,000 0 3,000 0
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Net income applicable to common shares $ 3,817 $ 1,417 $ 8,379 $ 5,035
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Shares
Weighted average number of unrestricted
common shares outstanding 6,376,100 8,916,576 6,376,100 9,055,770
Weighted average number of restricted
common shares outstanding, net 92,650 171,750 90,726 146,259
Dilutive effect of outstanding options
as determined by the application of the
treasury stock method 11,973 0 19,697 0
---------- ---------- ---------- ----------
Weighted average number of shares
outstanding, as adjusted 6,480,723 9,088,326 6,486,523 9,202,029
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Primary net income per share $0.59 $0.16 $1.29 $0.55
========== ========== ========== ==========
Fully-diluted:
Earnings
Net income $4,817 $ 1,417 $ 11,379 $ 5,035
========== ========== ========== ==========
Shares
Weighted average number of unrestricted
common shares outstanding 6,376,100 8,916,576 6,376,100 9,055,770
Weighted average number of restricted
common shares outstanding, net 92,650 171,750 90,726 146,259
Dilutive effect of outstanding options
as determined by the application of
the treasury stock method 11,973 0 19,697 0
Assumed conversion of preferred stock (a) 2,624,672 0 2,624,672 0
---------- ---------- ---------- ----------
Weighted average number of shares
outstanding, as adjusted 9,105,395 9,088,326 9,111,195 9,202,029
========== ========== ========== ==========
Net income per share assuming full dilution $0.53 $0.16 $1.25 $0.55
========== ========== ========== ==========
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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) issued in August 1995.