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EXHIBIT 11(i)
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)
NINE MONTHS ENDED
JUNE 30,
1998 1997
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Net income $15,524 $11,566
Shares used in basic calculation:
Weighted average shares outstanding 18,617 17,716
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Total basic shares 18,617 17,716
Additional shares for diluted computation:
Effect of stock options (1) 705 898
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Total diluted shares 19,322 18,614
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Basic earnings per share $ 0.83 $ 0.65
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Diluted earnings per share $ 0.80 $ 0.62
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(1) For the nine months ended June 30, 1998, calculated assuming exercise
of options for 3,019,153 shares of common stock at prices ranging from
$1.25 to $35.13 per share and assumed repurchase of shares at the
average market price of $30.28. 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 per share of
$26.14.