EXHIBIT 11
CAREER HORIZONS, INC. and SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Three Months Nine Months
Ended September 30, Ended September 30,
----------------------- ------------------------
1996 1995 1996 1995
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Net income $5,456,000 $2,488,000 $12,770,000 $6,132,000
Add: Interest expense on 7%
Convertible Senior Notes
Due 2002, net of taxes 1,001,000 --- 2,870,000 ---
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Net income - "if converted" $6,457,000 $2,488,000 $15,640,000 $6,132,000
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Shares outstanding (1):
Weighted average number of
common shares outstanding 17,652,801 11,962,100 16,428,695 11,896,438
Additional shares assuming
exercise of employee
stock options 615,237 522,802 610,431 487,558
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Weighted average number
of common shares
outstanding - primary
earnings per share 18,268,038 12,484,902 17,039,126 12,383,996
Incremental shares deemed
outstanding based upon
period ending fair
market value:
employee stock options 56,046 94,270 79,957 108,037
Add: Deemed conversion of
7% Convertible
Senior Notes Due 2002 4,968,318 --- 4,968,318 ---
---------- ---------- ---------- ----------
Weighted average number of
common shares outstanding
- fully diluted earnings
per share 23,292,402 12,579,172 22,087,401 12,492,033
========== ========== ========== ==========
Income per common share:
Primary $.30 $.20 $.75 $.50
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Fully Diluted $.28 $.20 $.71 $.49
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(1) Restated for the Company's two-for-one stock split effective
February 22, 1996.