EXHIBIT 11
GENCOR INDUSTRIES, INC.
COMPUTATIONS OF NET INCOME PER SHARE
Three Months Ended Six Months Ended
March 31, March 31,
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1996 1995 1996 1995
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Earnings per share
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Net income $1,250,000 $1,443,000 577,000 $1,651,000
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Average number of shares outstanding 1,780,364 1,772,864 1,778,520 1,692,366
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Net income per share $ 0.70 $ 0.81 $ 0.32 $ 0.98
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Additional primary computation
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Average number of shares outstanding 1,780,364 1,772,864 1,778,520 1,692,366
Add dilutive effect of outstanding options
(as determined by the application of the
treasury stock method) 10,093 37,590 10,615 29,289
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Average number of shares outstanding,
as adjusted 1,790,457 1,810,454 1,789,135 1,721,655
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Net income per share $ 0.70(A) $ 0.80(A) $ 0.32(A) $ 0.96(A)
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Additional fully diluted computation
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Average number of shares outstanding 1,780,364 1,772,864 1,778,520 1,692,366
Add dilutive effect of outstanding options
(as determined by the application of the
treasury stock method) 10,147 37,590 10,615 29,289
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Average number of shares outstanding,
as adjusted 1,790,511 1,810,454 1,789,135 1,721,655
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Net income per share $ 0.70(A) $ 0.80(A) $ 0.32(A) $ 0.96(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%.