1
EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS OF ADMINISTAFF, INC.
Year Ended December 31,
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1994 1995 1996
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(in thousands, except per share data)
PRIMARY
Average shares outstanding 9,680 10,498 10,726
Net effect of dilutive stock options --
based on the treasury stock method
using average market price 130 170 56
Net effect of dilutive stock warrants --
based on the treasury stock method 32 109 93
using average market price
Net effect of dilutive stock warrants --
based on the if-converted method 441 * 174
Adjustment to give effect to shares optioned
to employees within 12 months of the initial
filing of an initial public offering as outstanding
as of the beginning of each period presented
based on the treasury stock method using
the initial public offering price 112 88 56
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Total 10,395 10,865 11,105
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Net income $ 3,766 $ 1,116 $ 2,603
Add interest from subordinated debt, net of taxes 92 * 36
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Net income available for common stockholders $ 3,858 $ 1,116 $ 2,639
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Per share amount $ 0.37 $ 0.10 $ 0.24
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FULLY DILUTED
Average shares outstanding 9,680 10,498 10,726
Net effect of dilutive stock options --
based on the treasury stock method
using ending market price 259 213 56
Net effect of dilutive stock warrants --
based on the treasury stock method
using ending market price 55 124 93
Net effect of dilutive stock warrants --
based on the if-converted method 441 * 174
Adjustment to give effect to shares optioned
to employees within 12 months of the initial
filing of an initial public offering as
outstanding as of the beginning of each period
presented based on the treasury method using
the initial public offering price 112 72 56
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Total 10,544 10,908 11,105
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Net income $ 3,766 $ 1,116 $ 2,603
Add interest from subordinated debt, net of taxes 92 * 36
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Net income available for common stockholders $ 3,858 $ 1,116 $ 2,639
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Per share amount $ 0.37 $ 0.10 $ 0.24
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* Conversion of the stock warrants is not assumed in the computation because
its effect is antidilutive