EXHIBIT 11.1
CORPORATE EXPRESS, INC.
STATEMENT REGARDING COMPUTATION OF NET INCOME PER SHARE
PRIMARY EARNINGS PER SHARE
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
November 29, November 30, November 29, November 30,
1997 1996 1997 1996
-------- -------- -------- --------
Pro forma net income $ 7,709 $ 10,974 $ 37,255 $ 40,100
======== ======== ======== ========
Pro forma net income per share $ 0.05 $ 0.08 $ 0.25 $ 0.29
======== ======== ======== ========
Weighted average shares outstanding 140,943 133,683 139,705 130,944
Common Stock Equivalents:
Stock options and warrants 9,693 8,552 7,084 9,377
-------- -------- -------- --------
Total weighted average shares outstanding 150,636 142,235 146,789 140,321
======== ======== ======== ========
FULLY DILUTED EARNINGS PER SHARE
Fully diluted earnings per share differs from primary earnings per share by less
than 3%.