EXHIBIT 11 BEAZER HOMES USA, INC. STATEMENT COMPUTATION OF PER SHARE EARNINGS (Dollars in thousands, except per share amounts) Year ended September 30, ---------------------- 1996 1995 ---------------------- Primary: Earnings Net income $18,266 $11,352 Less: Dividends on preferred shares (a) 4,000 611 --------- --------- Net income applicable to common shares $14,266 $10,741 --------- --------- --------- --------- Shares Weighted average number of unrestricted common shares outstanding 6,374,961 8,557,669 Weighted average number of restricted common shares outstanding, net 98,809 152,684 Dilutive effect of outstanding options as determined by the application of the treasury stock method 1,397 -- --------- --------- Weighted average number of shares outstanding, as adjusted 6,475,167 8,710,353 --------- --------- --------- --------- Primary net income per share $2.20 $1.23 --------- --------- --------- --------- Fully-diluted: Earnings Net income (b) $18,266 $10,741 --------- --------- Shares Weighted average number of unrestricted common shares outstanding 6,374,961 8,557,669 Weighted average number of restricted common shares outstanding, net 98,807 152,684 Dilutive effect of outstanding options as determined by the application of the treasury stock method 1,397 -- Assumed conversion of preferred stock (a) 2,624,672 -- --------- --------- Weighted average number of shares outstanding, as adjusted 9,099,839 8,710,353 --------- --------- Net income per share assuming full dilution $2.01 $1.23 --------- --------- --------- --------- (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. The assumed conversion is excluded from the September 30, 1995 calculation of fully-diluted earnings per share as the effect of such conversion is antidilutive. (b) For the year ended September 30,1995 represents net income applicable to common shares.