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EXHIBIT 11.1
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF NET INCOME PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Year Ended
September 30,
1997 1996
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Net income (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,798 $ 11,481
Shares used in computing net income per share (2):
Weighted average number of shares outstanding . . . . . . . . . . . . . . . . . 17,792 16,234
Incremental shares attributed to outstanding options (3) . . . . . . . . . . . 890 939
Shares issued to James R. Crane for acquisition of subsidiaries . . . . . . . . 82
Shares for distributions paid from net proceeds of the initial public
offering (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266
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Total shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,682 17,521
Net income per share (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.90 $ 0.66
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(1) Net income for fiscal 1996 includes a pro forma charge of $945 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 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.
(3) Calculated assuming exercise of options for 2,110 and 2,193 shares of
common stock, respectively, with prices ranging from $1.25 to $35.13 per
share based upon the average estimated market price of $26.67 and $14.60
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).
(4) 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.