EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands, except per share amounts)
Year ended
September 30,
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1996 1995
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Primary:
Earnings
Net income $18,266 $11,352
Less: Dividends on preferred shares (a) 4,000 611
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Net income applicable to common shares $14,266 $10,741
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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 --
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Weighted average number of shares outstanding,
as adjusted 6,475,167 8,710,353
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Primary net income per share $2.20 $1.23
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Fully-diluted:
Earnings
Net income (b) $18,266 $10,741
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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 --
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Weighted average number of shares outstanding,
as adjusted 9,099,839 8,710,353
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Net income per share assuming full dilution $2.01 $1.23
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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.
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.