EXHIBIT 11.0
NORTHWEST PIPE COMPANY
COMPUTATION OF NET INCOME PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1996 1995 1996 1995
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Net income as reported $ 2,677 $ 1,099 $ 8,046 $ 3,492
Reduction in interest as a result of conversion
of the Series B and Series C Convertible
Subordinated Debentures, net of tax -- 43 -- 133
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Net income $ 2,677 $ 1,142 $ 8,046 $ 3,625
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Net income per share $ 0.48 $ 0.32 $ 1.45 $ 1.03
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Weighted average shares outstanding:
Common stock 5,294 698 5,281 698
Common stock issuable upon exercise of
stock options 245 230 256 224
Conversion of Series B and Series C
Convertible Subordinated Debentures -- 2,629 -- 2,629
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Shares used in per share calculations 5,539 3,557 5,537 3,551
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