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EXHIBIT 11.1
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF PRO FORMA NET INCOME PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
YEAR ENDED
SEPTEMBER 30,
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1996 1995
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Pro forma net income........................................................ $ 11,481 $ 7,507
Shares used in computing pro forma net income per share (1):
Weighted average number of shares outstanding............................. 16,234 12,000
Incremental shares attributed to outstanding options(2)................... 939 1,243
Shares issued to James R. Crane for acquisition of subsidiaries........... 82 446
Shares for distributions paid from net proceeds of the initial public
offering(3)............................................................... 266 1,093
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Total shares................................................................ 17,521 14,782
Pro forma net income per share(1)........................................... $ 0.66 $ 0.51
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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 on August 1,
1996 to shareholders of record on July 24, 1996. References to number of
shares outstanding have been retroactively restated to reflect the split.
(2) Calculated assuming exercise of options for 2,649 and 1,680 shares of
common stock, respectively, with prices ranging from $1.25 to $20.25 per
share based upon the average estimated market price of $14.60 and $3.75
for the year, respectively. 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
($8,209) and S Corporation retained earnings ($2,701) earned from October
1, 1995 to December 4, 1995 which were distributed to S Corporation
shareholders and 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 September 30, 1995 by the net proceeds price
per share from the offering of $15.03 (pre split).