EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands, except per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
MARCH 31, MARCH 31,
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1997 1996 1997 1996
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Primary:
Earnings
Net income.................................................... ($ 2,460) $ 3,663 $ 217 $ 6,563
Less: Dividends on preferred shares (a)....................... 1,000 1,000 2,000 2,000
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Net income applicable to common shares........................ ($ 3,460) $ 2,663 ($ 1,783) $ 4,563
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Shares
Weighted average number of unrestricted common shares
outstanding................................................ 6,294,800 6,376,100 6,302,639 6,376,100
Weighted average number of restricted common shares
outstanding, net........................................... 127,590 91,973 127,399 89,093
Dilutive effect of outstanding options as determined by the
application of the treasury stock method................... 3,018 19,054 3,232 20,258
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Weighted average number of shares outstanding, as adjusted.. 6,425,408 6,487,127 6,433,270 6,485,451
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Primary net income per share................................ ($ 0.54) $ 0.41 ($ 0.28) $ 0.70
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Fully-diluted:
Earnings
Net income.................................................. ($ 2,460) $ 3,663 $ 217 $ 6,563
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Shares
Weighted average number of unrestricted common shares
outstanding................................................ 6,294,800 6,376,100 6,302,639 6,376,100
Weighted average number of restricted common shares
outstanding, net........................................... 127,590 91,973 127,399 89,093
Dilutive effect of outstanding options as determined by the
application of the treasury stock method................... 3,018 19,054 3,232 20,258
Assumed conversion of preferred stock (a)................... 2,624,672 2,624,672 2,624,672 2,624,672
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Weighted average number of shares outstanding, as adjusted.. 9,050,080 9,111,799 9,057,942 9,110,123
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Net income per share assuming full dilution.................. ($ 0.27)(b) $ 0.40 $ 0.02(b) $ 0.72(b)
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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.
(b) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.
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