EXHIBIT 11
ELEXSYS INTERNATIONAL, INC.
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
FOR THE YEARS ENDED SEPTEMBER 30, 1995, 1994, 1993
(Thousands of dollars except per share amounts)
1995 1994 1993
---- ---- ----
Net income (loss) ................................ $5,132 $2,554 ($16,331)
Convertible debenture interest ................... 880
Net income (loss) applicable to common and
dilutive common equivalent share ................ $5,132 $3,434 ($16,331)
Earnings (loss) per common share and
common share equivalents, primary:
Income (loss) before extraordinary gain ......... $ 0.37 ($ 1.28) ($ 3.18)
Extraordinary gain, net of expenses and taxes ... $ 0.20 $ 1.82
Net income (loss) ............................... $ 0.57 $ 0.54 ($ 3.18)
Earnings (loss) per common share and
common share equivalents, fully diluted:
Income (loss) before extraordinary gain ......... $ 0.36 ($ 0.91) ( 3.18)
Extraordinary gain, net of expenses and taxes ... $ 0.20 $ 1.30
Net income (loss) ............................... $ 0.56 $ 0.39 ($ 3.18)
Weighted average of common and dilutive common
equivalent shares outstanding:
Primary weighted average shares ................ 8,623 5,953 5,133
Convertible debenture interest equivalent shares 405
Stock option equivalent shares ................. 395 29
Primary common and common equivalent shares .... 9,018 6,387
Fully diluted weighted average shares: ........... 8,623 8,335 5,133
Convertible debenture interest equivalent shares 405
Stock option equivalent shares .................. 464 29
Fully diluted common and common equivalent shares 9,087 8,769
Refer to Note 9 captioned "Net Income (Loss) Per Share" of Notes to
Consolidated Financial Statements in the Company's 1995 annual report on page 18
for additional discussion of earnings per share.