EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands, except per share amounts)
Three Months Ended Nine Months Ended
June 30, June 30,
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1997 1996 1997 1996
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Primary:
Earnings
Net income.............................................. $ 3,434 $ 4,817 $ 3,651 $ 11,379
Less: Dividends on preferred shares (a)................. 1,000 1,000 3,000 3,000
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Net income applicable to common shares.................. $ 2,434 $ 3,817 $ 651 $ 8,379
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Shares
Weighted average number of unrestricted
common shares outstanding............................. 5,914,708 6,376,100 6,170,995 6,376,100
Weighted average number of restricted
common shares outstanding, net........................ 139,590 92,650 139,463 90,726
Dilutive effect of outstanding options as determined
by the application of the treasury stock method....... 14,205 11,973 23,757 19,697
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Weighted average number of shares outstanding,
as adjusted........................................... 6,068,503 6,480,723 6,334,215 6,486,523
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Primary net income per share............................... $ 0.40 $ 0.59 $ 0.10 $ 1.29
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Fully-diluted:
Earnings
Net income.............................................. $ 3,434 $ 4,817 $ 3,651 $ 11,379
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Shares
Weighted average number of unrestricted
common shares outstanding............................. 5,914,708 6,376,100 6,170,995 6,376,100
Weighted average number of restricted
common shares outstanding, net........................ 139,590 92,650 139,463 90,726
Dilutive effect of outstanding options as determined
by the application of the treasury stock method....... 14,205 11,973 3,232 19,697
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........................................... 8,693,175 9,105,395 8,938,362 9,111,195
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Net income per share assuming full dilution................ $ 0.40 $ 0.53 $ 0.41(b) $ 1.25
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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.