Exhibit 11
United Auto Group
Statement re computation of per share earnings
Years Ended Six Months Ended
December 31, June 30,
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1993 1994 1995 1995 1996
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Net income (loss).......................... $ 96,000 ($ 1,691,000) ($ 3,466,000) ($ 4,902,000) $ 3,898,000
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Weighted Average shares outstanding........ 1,317,000 3,296,000 4,905,000 4,105,000 7,923,000
Effect of options issued within one year of
the IPO date not included in the above
share amount based on the treasury stock
method at the assumed IPO price........... 556,000 556,000 556,000 556,000 556,000
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Shares used in computing pro forma net
income (loss) per common share............ 1,873,000 3,852,000 5,461,000 4,661,000 8,479,000
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Pro forma net income (loss) per common
share..................................... $0.05 ($0.44) ($0.63) ($1.05) $0.46
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