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EXHIBIT 11(ii)
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)
THREE MONTHS ENDED
JUNE 30,
1997 1996
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Net income....................................................................................... $ 4,104 $ 3,114
Shares used in computing net income per share (1):
Weighted average number of shares outstanding.................................................. 17,906 17,332
Incremental shares attributed to outstanding options (2)....................................... 767 1,486
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Total shares..................................................................................... 18,673 18,818
Net income per share ............................................................................ $ 0.22 $ 0.17
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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 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.
(2) For the three 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 $23.49 computed as of the beginning of the period. For the three
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 $16.18
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).