EXHIBIT 11.1
HENRY SCHEIN, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
THREE MONTHS ENDED
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MARCH 29, MARCH 30,
1997 1996
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Net income per consolidated statements of operation (in thousands).............. $ 1,499 $ 2,716
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Weighted average common shares outstanding:
Shares outstanding at December 30, 1995(1).................................... 18,936,791 18,936,791
1996 issuances:
Follow-on Offering Shares on June 21, 1996.................................. 3,734,375 --
Shares issued to ESOP trust on August 9, 1996............................... 24,210 --
Shares issued on July 10, 1996 in connection with an acquisition............ 37,197 --
Class B Options............................................................. 42,800 --
Stock options granted pursuant to the 1996 Non-Employee Director Stock
Option Plan............................................................... 10,000 --
Shares issued on November 1, 1996 in connection with an acquisition......... 117,986 --
Less: 1996 Treasury Stock purchases......................................... (8,850) --
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22,894,509 18,936,791
1997 issuances:
Shares issued on February 19, 1997 in connection with an acquisition........ 1,070,000 1,070,000
1997 Non-Employee Director Stock Option Plan................................ 176 --
Shares issued to ESOP trust on March 21, 1997............................... 3,879 --
Less: 1997 Treasury Share purchases......................................... (1,425) --
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23,967,139 20,006,791
Less assumed repurchase of shares under treasury stock method based on an
average price of $31.48 per share
Stock options--221,397 shares
X$4.21
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$932,081/$31.48.................................................... (29,609)(2) (33,336)(3)
Non-Employee
Stock options--10,000 shares
X$29.00
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$290,000/$31.48.................................................... (9,212)(2) --
IPO options--403,200 shares
X$16.00
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$6,451,200/$31.48.................................................. (204,930)(2) (233,705)(3)
New options--35,000 shares
X$29.50
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$1,032,500/$31.48.................................................. (32,799)(2) --
New options--10,000 shares
X$31.00
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$310,000/$31.48.................................................... (9,848)(2) --
New options--3,000 shares
X$36.25
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$108,750/$31.48.................................................... (3,000)(2) --
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Weighted average common shares outstanding...................................... 23,677,747 19,739,750
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Net income per common share..................................................... $ 0.06 $ 0.14
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(1) Includes options totalling 629,897.
(2) Computed using the average closing value per share for the three months
ended March 29, 1997 of $31.48.
(3) Computed using the average closing value per share for the three months
ended March 30, 1996 of $27.96.
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