JEVIC TRANSPORTATION, INC.
NET INCOME PER SHARE COMPUTATIONS
(in thousands, except per share amounts)
Six Months
Year Ended Ended June 30,
December 31, --------------
1996 1996 1997
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PRO FORMA NET INCOME PER SHARE(1):
Pro forma net income $3,849 $ 481 $2,647
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Shares used in computation -
Weighted average shares outstanding 6,858 6,858 6,858
Dilutive effect of stock options 143 143 143
Shares required to fund $10 million
distribution 842 842 842
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7,843 7,843 7,843
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Pro forma net income per share $ 0.49 $ 0.06 $ 0.34
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SUPPLEMENTAL PRO FORMA NET INCOME PER SHARE(2):
Pro forma net income $3,849 $ 481 $2,647
Interest expense reduction -
Charlotte purchase 190 95 95
Other indebtedness 653 260 598
Tax effect of interest reduction (313) (142) (259)
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Supplemental pro forma net income $4,379 $ 694 $3,081
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Shares used in computation -
Pro forma shares 7,843 7,843 7,843
Shares required for debt repayment(3) 684 909 1,278
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8,527 8,752 9,121
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Supplemental pro forma net income
per share $ 0.51 $ 0.08 $ 0.34
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(1) Pro forma net income per share is computed by dividing pro forma net
income by the weighted average number of shares outstanding for the
respective periods, adjusted for the effect of dilutive common stock
options, and after giving effect to the estimated number of shares that
would be required to be sold (at an assumed initial public offering price
of $13 per share, less underwriting discounts and commissions and estimated
offering expenses) to fund a distribution of $10 million to shareholders
immediately prior to the offering.
(2) Supplemental pro forma net income per share is computed by dividing pro
forma net income (adjusted for the pro forma reduction in interest expense
that specifically corresponds to the repaid the indebtedness discussed
below) by the number of shares used in (1) above plus the estimated number
of shares that would be required to be sold (at an assumed initial public
offering price of $13 per share, less underwriting discounts and
commissions and estimated offering expenses) to (a) repay bank mortgage
indebtedness of $2.0 million assumed in connection with purchase of the
Charlotte facility and (b) repay other indebtedness totaling approximately
$19.8 million at June 30, 1997,
(3) Based on average debt balances.