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EXHIBIT 11(I)
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF PRO FORMA PER SHARE EARNINGS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)
NINE MONTHS ENDED
JUNE 30,
1995 1996
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Pro forma net income . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,659 $ 7,763
Shares used in computing pro forma net income per share (1):
Weighted average number of shares outstanding . . . . . . . . . . . 12,000 15,779
Incremental shares attributed to outstanding options (2) . . . . . . 1,067 1,308
Shares issued to James R. Crane for acquisition of subsidiaries . . 446 446
Shares for distributions paid from net proceeds of the initial
public offering (3) . . . . . . . . . . . . . . . . . . . . . . . . 1,075 339
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Total shares . . . . . . . . . . . . . . . . . . . . . . . . . . 14,588 17,872
Pro forma net income per share (1) . . . . . . . . . . . . . . . . . . $ 0.39 $ 0.43
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(1) On July 8, 1996, the Board of Directors authorized a two-for-one stock
split, effected in the form of a stock dividend, payable to shareholders of
record on July 24, 1996. All references in the financial statements to
number of shares outstanding and related prices, per share amounts and
stock option plan data have been retroactively restated to reflect the
split.
(2) Calculated assuming exercise of options for 1,779,962 and 2,434,004 shares
of common stock with prices ranging from $1.25 to $18.75 per share based
upon the average estimated market price of $3.13 and $12.60 for the period.
Pursuant to Securities and Exchange Commission Staff Accounting Bulletins
and Staff policy, common equivalent shares issued during the 12-month
period prior to an initial public offering at prices substantially below
the public offering price are presumed to have been issued in contemplation
of the initial public offering and have been included in the calculation as
if they were outstanding since the beginning of the period presented (using
the treasury stock method and the public offering price).
(3) Calculated for 1996 by dividing the sum of the Special Distribution Notes
($10,910,000) paid from the net proceeds of the offering by the net
proceeds price per share from the offering of $15.03 (pre split) and
weighted based upon the days the notes were outstanding during the first
quarter of 1996. Calculated for 1995 by dividing the sum of the S
Corporation retained earnings to be distributed to S Corporation
shareholders earned through June 30, 1995 by the net proceeds price per
share from the offering of $15.03 (pre split).