GRC International, Inc. Exhibit 11
Statement of Computation of Earnings per Share ----------
(in thousands, except for per share amounts)
Year Ended June 30,
-------------------------------------
1997 1996 1995
PRIMARY
Weighted Average Number of Shares of Common
Stock Outstanding 9,338 9,172 9,001
Net Effect of Dilutive Stock Options
Based on the Treasury Stock Method 176 - 392
-------------------------------------
Weighted Average Shares Outstanding 9,514 9,172 9,393
-------------------------------------
Income (Loss) from Continuing Operations 13,861 (700) 7,070
Loss from Discontinued Operations (31,611) (16,937) (2,040)
-------------------------------------
Net Income (Loss) (17,750) (17,637) 5,030
Per Share Amount:
Income (Loss) from Continuing Operations 1.46 (0.08) 0.75
Loss from Discontinued Operations (3.33) (1.84) (0.21)
-------------------------------------
Net Income (loss) (1.87) (1.92) 0.54
=====================================
FULLY DILUTED
Weighted Average Number of Shares of Common
Stock Outstanding 9,338 9,172 9,001
Net Effect of Dilutive Stock Options
Based on the Treasury Stock Method 176 490 392
Net Effect of Convertible Debenture
Based on the Treasury Stock Method,
if Converted Method 329 - -
-------------------------------------
Weighted Average Shares Outstanding 9,843 9,662 9,393
-------------------------------------
Income (Loss) from Continuing Operations 13,861 (700) (7,070)
Interest and Amortization on Convertible Debenture 425 - -
-------------------------------------
Adjusted Income (Loss) from Continuing Operations 14,286 (700) 7,070
Loss from Discontinued Operations (31,611) (16,937) (2,040)
-------------------------------------
Adjusted Net Income (Loss) (17,325) (17,637) 5,030
=====================================
Per Share Amount:
Adjusted Income (Loss) from Continuing Operations 1.45 (0.07) 0.75
Loss from Discontinued Operations (3.21) (1.76) (0.21)
-------------------------------------
Adjusted Net Income (Loss) (1.76) (1.83) 0.54
=====================================