EXHIBIT 11
SEACHANGE INTERNATIONAL, INC.
COMPUTATION OF NET INCOME PER SHARE (1)
(UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
--------------------------- -------------------------
1995 1996 1995 1996
------------- ------------ ------------ -----------
Weighted average common and common
equivalent shares:
Weighted average common shares
outstanding during the
period................................ 9,206,025 8,588,490 9,098,775 8,585,973
Weighted average common equivalent
shares ............................... 1,771,200 1,771,200 1,771,200 1,771,200
Dilutive effect of common equivalent
shares issued subsequent to September
1995 (2) ............................. 1,230,760 1,230,760 1,133,489 1,230,760
----------- ----------- ----------- -----------
12,207,985 11,590,450 12,003,464 11,587,933
=========== =========== =========== ===========
Net income $ 212,967 $ 1,425,965 $ 1,342,094 $ 3,548,042
Primary net income per share $ 0.02 $ 0.12 $ 0.11 $ 0.31
(1) Fully diluted net income per share has not been separately presented, as
the amounts would not be materially different from primary net income per
share.
(1) Common share equivalents issued subsequent to September 1995 are comprised
of common stock options and Series B convertible preferred stock and have
been included in the calculation pursuant to Securities and Exchange
Commission Staff Accounting Bulletin No. 83. Common share equivalents
issued at prices below the initial public price of $15.00 in the twelve
months preceding the initial public offering have been included in the
calculation for all periods presented.
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