Exhibit 11

                   PLY GEM INDUSTRIES, INC. AND SUBSIDIARIES
               SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE 
                   Three and Nine Months Ended September 30,



 
 
                                                   Three months ended        Nine months ended    
                                                   September 30, 1996        September 30, 1996   
                                                ------------------------  ------------------------
                                                                Fully                  Fully      
                                                  Primary      Diluted    Primary    Diluted      
                                                -----------  ----------- ----------- ----------   
                                                                                   
Weighted average number of common shares                                                          
    outstanding during the period.........      13,915,000   13,915,000   14,139,000   14,139,000 
Excess of weighted average number of shares 
     issuable upon exercise of employee                                                           
     stock options over 20% of shares                                                            
     outstanding at end of the period....        2,432,000    2,432,000    2,176,000    2,176,000
                                                ----------  -----------  -----------  -----------
Weighted average number of shares.......        16,347,000   16,347,000   16,315,000   16,315,000
                                                ==========  ===========  ===========  =========== 
 Proceeds available to repay debt:
     From exercise of options, including
        tax benefits, at average market
         price..........................       $36,903,000               $71,419,000             
     From exercise of options,                 
      including tax benefits, at end  
      of period market price............                    $37,431,000               $69,657,000 
                                               -----------  -----------  -----------  -----------  
                                               $36,903,000  $37,431,000  $71,419,000  $69,657,000
                                               -----------  -----------  -----------  -----------

Interest saved, net of taxes............           377,000      382,000      971,000    1,095,000
Net income as reported..................         6,915,000    6,915,000    8,434,000    8,434,000
                                               -----------  -----------  -----------  -----------
Adjusted net income....................        $ 7,292,000  $ 7,297,000  $ 9,405,000  $ 9,529,000
                                               ===========  ===========  ===========  ===========
Per share...............................              $.45         $.45         $.58         $.58
                                               ===========  ===========  ===========  ===========