CAREER HORIZONS, INC. and SUBSIDIARIES EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three Months
Ended March 31,
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1996 1995
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Net income $2,532,000 $924,000
Add: Interest expense on 7%
Convertible Senior Notes Due
2002, net of taxes (2) --- ---
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Net income - "if converted" $2,532,000 $924,000
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Shares outstanding (1):
Weighted average number of
common shares outstanding 13,583,211 11,802,560
Additional shares assuming
exercise of Employee stock
options 742,328 487,048
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Weighted average number of
common shares outstanding -
primary earnings per share 14,325,539 12,289,608
Incremental shares deemed
outstanding based upon period
ending fair market value:
Employee stock options 114,217 15,018
Add: Deemed conversion of 7%
Convertible Senior Notes
Due 2002 (2) --- ---
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Weighted average number of
common shares outstanding -
fully diluted earnings per share 14,439,756 12,304,626
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Income per common share (3):
Income before extraordinary item $ .18 $ .08
Extraordinary item --- ---
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Net income applicable to
common stockholders $ .18 $ .08
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(1) Restated for the Company's two-for-one stock split effective
February 22, 1996.
(2) Use of the "if-converted" method is anti-dilutive for the
three months ended March 31, 1996. Accordingly, fully
diluted earnings per share excludes the deemed conversion of
the 7% Convertible Senior Notes Due 2002.
(3) Represents fully diluted earnings per share. For each of
the periods presented, primary earnings per share did not
differ materially from fully diluted earnings per share.