EXHIBIT 11.1
DECRANE AIRCRAFT HOLDINGS, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1997 1996 1997 1996
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(Unaudited) (Unaudited)
PRO FORMA NET INCOME (LOSS) USED TO COMPUTE PER SHARE DATA (A)
Income (loss) before extraordinary item.................... $ 1,454 $ (417) $ 2,083 $(1,754)
Extraordinary loss from debt refinancing, net.............. (2,078) - (2,078) -
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Net income (loss) applicable to primary and fully
diluted earnings (loss) per common share................ $ (624) $ (417) $ 5 $(1,754)
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PRO FORMA FOR THE RECAPITALIZATION
Primary Earnings per Common Share
Weighted average number of common and dilutive
common equivalent shares outstanding (B)................ 5,161 2,289 4,085 2,289
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Primary Earnings (Loss) per Common Share
Income (loss) before extraordinary item................... $ .28 $ (.18) $ .51 $ (.77)
Extraordinary loss from debt refinancing.................. (.40) - (.51) -
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Net income (loss)......................................... $ (.12) $ (.18) $ - $ (.77)
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Fully Diluted Earnings per Common Share
Weighted average number of common and dilutive
common equivalent shares outstanding (B)................ 5,173 2,289 4,098 2,289
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Fully Diluted Earnings (Loss) per Common Share (C)
Income (loss) before extraordinary item................... $ .28 $ (.18) $ .51 $ (.77)
Extraordinary loss from debt refinancing.................. (.40) - (.51) -
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Net income (loss)......................................... $ (.12) $ (.18) $ - $ (.77)
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(A) The weighted average number of shares assumes that the redeemable
warrants and preferred stock converted into common stock pursuant to the
Recapitalization had been converted and thus outstanding since the dates
of issuance. As a result, pro forma net income (loss) per common share
is computed using the reported net income (loss) of the Company before
deductions for the adjustments in redemption value of redeemable
warrants and preferred stock dividends.
(B) Redeemable warrants and non-compensatory stock options are excluded for
the three months and six months ended June 30, 1996 as they are
anti-dilutive.
(C) The fully dilutive effect of common equivalent shares on the calculation
of fully diluted earnings (loss) per common and dilutive common
equivalent shares for the three months and six months ended June 30,
1997 and 1996 was not material.