EXHIBIT 11.1 HENRY SCHEIN, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (unaudited) Three months ended ------------------------- March 30, April 1, 1996 1995 ---------- ---------- Net income per consolidated statements of operations (in thousands) . . . . . . . . . . . $ 2,464 $ 936 ========== ========== Weighted average common shares outstanding: Shares outstanding at December 25, 1993 . . . . . . . . . . . . . 11,390,544 11,390,544 1994 issuances: Shares issued, in part, to extinguish liability under long-term executive incentive compensation plan . . . . . 489,456 489,456 Shares issued to ESOP trust in 12/94 . . . . . . . . . . . . . 128,257 128,257 Stock options granted at an exercise price of $4.21 per share (1) . . . . . . . . . . . 221,397 237,897 IPO Options (Class B) . . . . . . 408,400 --- IPO Shares . . . . . . . . . . . 5,090,000 --- 1995 issuances: Shares issued as of September 1, 1995 in connection with an Acquisition . . . . . . . . 1,260,416 --- ---------- ---------- 18,988,470 12,246,154 Less treasury stock . . . . . . (51,679) --- ---------- ---------- 18,936,791 12,246,154 Less assumed repurchase of shares under treasury stock method based on an average price of $27.96 per share (2): Stock options---221,397 shares x $4.21 -------- $932,081 /$27.96 (33,336)(3) (62,597)(4) IPO options-----408,400 shares x $16.00 -------- $6,534,400 / $27.96 (233,705)(3) --- ---------- ---------- Weighted average common shares outstanding . . . . . . . . . . . . 18,669,750 12,183,557 =========== ========== Net income per common share . . . . $ 0.13 $ 0.08 =========== ========== ___________ (1) Considered "cheap stock" and treated as outstanding since January 1, 1995. (2) The treasury stock method was not used for the shares issued to settle the long-term incentive plan liability and the compensatory portion of the stock options granted because the related special compensation charges have been/will be excluded from net income and, therefore, were not assumed to be proceeds. (3) Computed using the average closing value per share for the three months ended March 30, 1996. (4) Computed using IPO value of $16.00 per share on 237,897 Class A options.