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EXHIBIT 11
CANNONDALE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
(IN THOUSANDS, EXCEPT PER SHARE)
YEAR ENDED YEAR ENDED YEAR ENDED
JUNE 28, JUNE 29, JULY 1,
1997 1996 1995
---------- ---------- ----------
PRIMARY EARNINGS PER SHARE COMPUTATION:
Weighted average shares outstanding........................ 8,638 8,216 5,888
Net effect of options -- based on the treasury stock
method................................................... 278 381 360
Net effect of warrants -- based on the treasury stock
method................................................... -- -- 358
-------- -------- ------
Weighted average number of common shares and equivalents
outstanding during the period............................ 8,916 8,597 6,606
======== ======== ======
Income before extraordinary item........................... $ 13,506 $ 10,146 $8,233
Accumulated preferred stock dividends...................... -- -- (400)
-------- -------- ------
Income applicable to common shares before extraordinary
item..................................................... 13,506 10,146 7,833
Extraordinary loss, net of income taxes.................... -- -- (685)
-------- -------- ------
Income applicable to common shares and equivalent.......... $ 13,506 $ 10,146 $7,148
======== ======== ======
Income per share before extraordinary item................. $ 1.51 $ 1.18 $ 1.18
Extraordinary loss, net of income taxes.................... -- -- (0.10)
-------- -------- ------
Net income per share....................................... $ 1.51 $ 1.18 $ 1.08
======== ======== ======
FULLY DILUTED EARNINGS PER SHARE COMPUTATION(1):
Weighted average shares outstanding........................ 8,638 8,216 5,888
Net effect of options -- based on the treasury stock
method................................................... 278 448 370
Net effect of warrants -- based on the treasury stock
method................................................... -- -- 358
-------- -------- ------
Weighted average number of common shares and equivalents
outstanding during the period............................ 8,916 8,664 6,616
======== ======== ======
Income before extraordinary item........................... $ 13,506 $ 10,146 $8,233
Accumulated preferred stock dividends...................... -- -- (400)
-------- -------- ------
Income applicable to common shares before extraordinary
item..................................................... 13,506 10,146 7,833
Extraordinary loss, net of income taxes.................... -- -- (685)
-------- -------- ------
Income applicable to common shares and equivalent.......... $ 13,506 $ 10,146 $7,148
======== ======== ======
Income per share before extraordinary item................. $ 1.51 $ 1.17 $ 1.18
Extraordinary loss, net of income taxes.................... -- -- (0.10)
-------- -------- ------
Net income per share....................................... $ 1.51 $ 1.17 $ 1.08
======== ======== ======
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(1) No effect has been given to the Series A Preferred Stock (Redeemed in
November 1994) as its effect would be antidilutive