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Statement re: Computation of Per Share Earnings EXHIBIT 11.1
STEEL DYNAMICS, INC.
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(amounts in thousands, except per share data)
for Three Months Ended
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March 30, March 31,
1996 1997
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Weighted average shares outstanding ............... 28,773 47,838
Adjustment for Staff Accounting Bulletin
No. 83 .......................................... 3,892
Dilutive effect for options and warrants .......... N/A(a) N/A(a)
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Adjusted weighted average shares outstanding ...... 32,665 47,838
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Net income (loss) ................................. $(11,304) $14,585
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Net loss per share ................................ $ (0.35)(b) $ 0.30(b)
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(a) Net income (loss) per share for the quarters ended March 30, 1996 and March
31, 1997 were calculated by dividing net income (loss) by the weighted
average number of shares of common stock outstanding including the
anti-dilutive effect of shares issued from September 23, 1995 through
September 23, 1996 using the treasury stock method. Net income per share for
the quarter ended March 31, 1997 excludes the anti-dilutive effect of common
stock equivalents.
(b) Fully diluted earnings per share is the same as primary earnings per share.
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