EXHIBIT 11
NORSTAN, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEARS ENDED APRIL 30,
--------------------------------------------
1997 1996 1995
------- ------- -------
PRIMARY EARNINGS PER SHARE -
Weighted average number of
issued shares outstanding 9,140 8,526 8,242
Effect of:
1995 Long-Term Incentive Plan 20 - -
1986 Long-Term Incentive Plan 201 398 414
Restated Non-Employee Directors' Stock Plan 64 96 82
Employee Stock Purchase Plan 10 8 12
------- ------ ------
Shares outstanding used to compute
primary earnings per share 9,435 9,028 8,750
------- ------ ------
------- ------ ------
Net income $10,217 $8,489 $7,063
------- ------ ------
------- ------ ------
PRIMARY EARNINGS PER SHARE $ 1.08 $ .94 $ .81
------- ------- -------
------- ------- -------
YEARS ENDED APRIL 30,
--------------------------------------------
1997 1996 1995
------- ------- --------
FULLY DILUTED EARNINGS PER SHARE -
Weighted average number of shares used
for primary earnings per share 9,435 9,028 8,750
Effect of:
1995 Long-Term Incentive Plan 1 - -
1986 Long-Term Incentive Plan 1 8 6
Restated Non-Employee Directors' Stock Plan - 2 2
Employee Stock Purchase Plan - - 2
------- ------ -------
Shares outstanding used to compute
fully diluted earnings per share 9,437 9,038 8,760
------- ------ -------
------- ------ -------
Net income $10,217 $8,489 $7,063
------- ------ ------
------- ------ ------
FULLY DILUTED EARNINGS PER SHARE $ 1.08 $ .94 $ .81
------- ------ ------
------- ------ ------
47