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EXHIBIT 11
EAGLE USA AIRFREIGHT, INC.
COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AND FOOTNOTE AMOUNTS)
THREE MONTHS ENDED
DECEMBER 31,
1998 1997
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Net income $ 7,748 $ 5,890
Shares used in basic calculation:
Weighted average shares outstanding 18,787 18,259
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Total basic shares 18,787 18,259
Additional shares for diluted computation:
Effect of stock options (1) 383 790
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Total diluted shares 19,170 19,049
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Basic earnings per share $ 0.41 $ 0.32
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Diluted earnings per share $ 0.40 $ 0.31
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(1) For the three months ended December 31, 1998, calculated assuming
exercise of options for 3,175,879 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 per share of $16.90 computed as of the
beginning of the period using the treasury stock method. For the three
months ended December 31, 1997, calculated assuming exercise of options
for 2,093,830 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 per share of $30.53 as of the beginning of the period using the
treasury stock method.