1
EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF PER SHARE INCOME OF ADMINISTAFF, INC.
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
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1996 1997 1996 1997
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PRIMARY
Average shares outstanding .............................................. 10,726 13,451 10,726 13,126
Net effect of dilutive stock options - based on the
treasury stock method using average market price ................... 54 210 36 121
Net effect of dilutive stock warrants - based on the
treasury stock method using average market price ................... 124 514 82 339
Net effect of dilutive stock warrants - based on the
if-converted method ................................................ * -- * --
Adjustment to give effect to shares optioned to employees
within 12 months of the initial filing on Form S-1 of an
initial public offering as outstanding as of the beginning of
each period presented based on the treasury stock
method using the offering price .................................... 58 -- 77 --
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Total ................................................................... 10,962 14,175 10,921 13,586
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Net income .............................................................. $ 971 $ 2,923 $ 614 $ 3,850
Add interest from subordinated debt, net of taxes ....................... * -- * --
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Net income available for common shareholders ............................ $ 971 $ 2,923 $ 614 $ 3,850
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Per share amount ........................................................ $ 0.09 $ 0.21 $ 0.06 $ 0.28
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FULLY DILUTED
Average shares outstanding .............................................. 10,726 13,451 10,726 13,126
Net effect of dilutive stock options - based on the
treasury stock method using ending market price .................... 54 213 36 138
Net effect of dilutive stock warrants - based on the
treasury stock method using ending market price .................... 124 515 82 344
Net effect of dilutive stock warrants - based on the
if-converted method ................................................ * -- * --
Adjustment to give effect to shares optioned to employees
within 12 months of the initial filing on Form S-1 of
an initial public offering as outstanding as of the beginning
of each period presented based on the treasury stock method using
the offering price ................................................. 58 -- 77 --
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Total ................................................................... 10,962 14,179 10,921 13,608
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Net income .............................................................. $ 971 $ 2,923 $ 614 $ 3,850
Add interest from subordinated debt, net of taxes ....................... * -- * --
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Net income available for common shareholders ............................ $ 971 $ 2,923 $ 614 $ 3,850
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Per share amount ........................................................ $ 0.09 $ 0.21 $ 0.06 $ 0.28
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* Conversion of the stock warrants is not assumed in the computation because
their effect is antidilutive.