EXHIBIT 11.1
Corporate Express, Inc.
Statement Regarding Computation of Net Income (Loss) Per Share
PRIMARY EARNINGS PER SHARE
Nine Months Nine Months Three Months Three Months
Nov 30, 1994 Nov 25, 1995 Nov 30, 1994 Nov 25, 1995
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Income (loss) before
extraordinary item $ 1,807,000 $ 11,440,000 $ 1,857,000 $ 5,503,000
Extraordinary item 586,000
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Net income (loss) $ 2,393,000 $ 11,440,000 $ 1,857,000 $ 5,503,000
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Weighted average
shares outstanding 18,615,000 44,102,000 35,351,000 48,929,000
Common Stock Equivalents:
Preferred stock (A) 9,128,000 0
Stock options 1,521,000 2,890,000 2,408,000 3,270,000
Warrants 546,000 560,000 715,000 514,000
Items issued within one
year of IPO: (B)
Preferred stock 612,000 n/a
Stock options 384,000 n/a
Warrants 40,000 n/a
Common Stock 710,000 n/a
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Total weighted average
shares outstanding 31,556,000 47,552,000 38,474,000 52,713,000
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Income (loss) per share
before extraordinary item $ 0.06 $ 0.24 $ 0.05 $ 0.10
Extraordinary item 0.02 0.00 0.00 0.00
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Net income (loss) per share $ 0.08 $ 0.24 $ 0.05 $ 0.10
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FULLY DILUTED EARNINGS PER SHARE
Fully diluted earnings per share differs from primary earnings per share by less
than 3%.
A - Preferred stock is included even though anti-dilutive due to automatic
conversion to common on a two for one basis upon completion of an
initial public offering.
B - Amounts represent stock issued within one year of initial filing
of registration statement in connection with an initial public offering
at below IPO price and are net of shares repurchased under the treasury
stock method.