1 EXHIBIT 11 ADCO TECHNOLOGIES INC. AND SUBSIDIARY COMPUTATION OF EARNINGS PER SHARE (UNAUDITED) THREE MONTHS ENDED MARCH 31, ---------------------- 1996 1995 ---- ---- PRIMARY: Average shares outstanding 5,150,000 4,575,000 Net effect of dilutive stock options -- based on the treasury stock method using the average market price 63,870 17,989 --------- --------- Total common and common equivalent shares outstanding 5,213,870 4,592,989 ========= ========= Net income available for common and common equivalent shares $ 708,529 $ 883,494 ========= ========= Per share amount $0.14 $0.19 ========= ========= THREE MONTHS ENDED MARCH 31, ---------------------- 1996 1995 ---- ---- FULLY DILUTED: Average shares outstanding 5,150,000 4,575,000 Net effect of dilutive stock options -- based on the treasury stock method using the quarter end market price 59,329 17,785 --------- --------- Total common and common equivalent shares outstanding 5,209,329 4,592,785 ========= ========= Net income available for common and common equivalent shares $ 708,529 $ 883,494 ========= ========= Per share amount $0.14 $0.19 ========= =========