EXHIBIT 11.1
SCANSOURCE, INC.
COMPUTATION OF HISTORICAL EARNINGS PER SHARE--FULLY DILUTED
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Income per share calculations:
FISCAL YEAR ENDED JUNE 30,
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1995 1996 1997
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Net income...................................... $ 1,511 $ 1,858 $ 2,540
Interest on assumed warrant and UPO exercise
(1)............................................ 140 21 --
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1,651 1,879 2,540
Weighted average number of common and common
equivalent shares are as follows:
Weighted average common shares outstanding.... 2,153 3,088 3,248
Shares issued from assumed exercise of options
and warrants (1)............................. 1,118 472 217
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Weighted average number of common and common
equivalent shares outstanding.................. 3,271 3,560 3,465
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Per share data:
Net income.................................... $ 0.50 $ 0.53 $ 0.73
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(1) Amounts represent interest income related to the exercise of warrants and
UPO. Proceeds from assumed exercise of warrants and UPO were assumed to be
used first to repurchase outstanding shares (limited to 20% of total
shares outstanding) and the remainder to pay debt and be invested.
(2) Shares issued from assumed exercise of options, warrants and UPO include
the number of incremental shares which would result from applying the
treasury stock method for options, warrants and UPO. (APB 15, paragraph 38
and Staff Accounting Bulletin No. 83)