EXHIBIT 11.1
PICO PRODUCTS, INC.
COMPUTATION OF PER SHARE EARNINGS
YEARS ENDED JULY 31, 1996 AND 1995 AND 1994
(IN THOUSANDS EXCEPT PER SHARE DATA)
1996 1995 1994
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Net income (loss) attributable
to common stock $ (400) $ 526 $ 905
Net income (loss) used to compute
fully diluted earnings
per share $ (400) $ 526 $ 905
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Primary earnings (loss) per share:
Weighted average number
of common shares outstanding 3,798 3,636 3,605
Dilutive effect of stock options
and warrants after application
of treasury stock method - 604 690
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Number of shares used to compute
primary earnings per share 3,798 4,240 4,295
Primary earnings (loss) per share $ (0.11) $ 0.12 $ 0.21
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Fully diluted earnings (loss) per share:
Weighted average number
of common share outstanding 3,798 3,636 3,605
Dilutive effect of stock options
and warrants after application
of treasury stock method - 604 690
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Number of shares used to compute
fully diluted earnings per share 3,798 4,240 4,295
Fully diluted earnings (loss) per share $ (0.11) $ 0.12 $ 0.21
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