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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,
1997 1996
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Net income (1).................................................................................... $ 11,566 $ 7,763
Shares used in computing pro forma net income per share (2):
Weighted average number of shares outstanding................................................. 17,716 15,779
Incremental shares attributed to outstanding options (3)..................................... 898 1,308
Shares sold to James R. Crane for acquisition of subsidiaries................................ 446
Shares for distributions paid from net proceeds of the initial public
offering (4)................................................................................. 339
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Total shares...................................................................................... 18,614 17,872
Net income per share ............................................................................. $ 0.62 $ 0.43
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(1)Net income for the nine months ended June 30, 1996 includes a pro forma
charge of $945,000 which represents the estimated federal income taxes that
would have been reported had Eagle USA been a C Corporation prior to
December 4, 1995.
(2)On July 8, 1996, the Board of Directors authorized a two-for-one stock
split, effected in the form of a stock dividend, payable August 1, 1996 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.
(3)For the nine months ended June 30, 1997, calculated assuming exercise of
options for 2,319,270 shares of common stock at prices ranging from $1.25 to
$30.63 per share and assumed repurchase of shares at the average market
price of $26.14 computed as of the beginning of the period. For the nine
months ended June 30, 1996, calculated assuming exercise of options for
2,434,004 shares of common stock at prices ranging from $1.25 to $18.75 per
share and assumed repurchase of shares at the average market price of $12.60
computed as of the beginning of 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 initial public offering price).
(4)Calculated for 1996 by dividing the sum of the Special Distribution Notes
($10,910,000) paid from the net proceeds of the initial public offering by
the assumed net proceeds per share from the initial public offering of
$15.03 (pre-split) and weighted based upon the days the notes were
outstanding during the first quarter of fiscal 1996.