EXHIBIT 11
GENCOR INDUSTRIES, INC.
COMPUTATIONS OF NET INCOME PER SHARE
Three Months Ended Six Months Ended
December 31, March 31,
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1995 1994 1995 1994
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Earnings per share
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Net income $1,443,000 $1,394,000 $1,651,000 $ 795,000
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Average number of shares outstanding 1,772,864 1,611,868 1,692,366 1,609,341
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Net income per share $ 0.81 $ 0.86 $ 0.98 $ 0.49
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Additional primary computation
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Average number of shares outstanding 1,772,864 1,611,868 1,692,366 1,609,341
Add dilutive effect of outstanding options
(as determined by application of the
treasury stock method) 37,590 14,929 29,289 13,544
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Average number of shares outstanding;
as adjusted 1,810,454 1,626,797 1,721,655 1,622,885
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Net income per share $ 0.80 (A) $ 0.86 (A) $ 0.96 (A) $ 0.49 (A)
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Additional fully diluted computation
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Average fully diluted computation 1,772,864 1,611,868 1,692,366 1,609,341
Add dilutive effect of outstanding options
(as determined by the application of the
treasury stock method) 37,590 14,929 29,289 15,040
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Average number of shares outstanding,
as adjusted 1,810,454 1,626,797 1,721,655 1,624,381
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Net income per share $ 0.80 (A) $ 0.86 (A) $ 0.96 (A) $ 0.49 (A)
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(A) This calculation is submitted in accordance with Regulations S-K Item 601
(b)(11), although it is not required by footnote to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
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