EXHIBIT 11.1
PICO PRODUCTS, INC.
COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Six Months
Ended January 31, Ended January 31,
---------------------------- ----------------------------
1997 1996 1997 1996
-------- ---------- -------- ----------
NET INCOME (LOSS) ATTRIBUTABLE
TO COMMON STOCK $ (350) $ (99) $ (249) $ (97)
-------- ---------- -------- ----------
-------- ---------- -------- ----------
PRIMARY EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 4,063 3,685 4,059 3,668
Dilutive effect of stock
options and warrants
after application of
treasury stock method - - - -
-------- ---------- -------- ----------
Number of shares used to
compute primary
earnings (loss) per share 4,063 3,685 4,059 3,668
Primary earnings (loss) per share $ (0.09) $ (0.03) $ (0.06) $ (0.03)
-------- ---------- -------- ----------
-------- ---------- -------- ----------
FULLY DILUTED EARNINGS PER SHARE:
Weighted average number
of common shares
outstanding 4,063 3,685 4,059 3,668
Dilutive effect of stock
options and warrants
after application of
treasury stock method - - - -
-------- ---------- -------- ----------
Number of shares used to
compute fully diluted
earnings (loss) per share 4,063 3,685 4,059 3,668
Fully diluted earnings (loss) per
share $ (0.09) $ (0.03) $ 0.06) $ (0.03)
-------- ---------- -------- ----------
-------- ---------- -------- ----------