EXHIBIT 11 PLY GEM INDUSTRIES, INC. AND SUBSIDIARIES SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE YEAR ENDED DECEMBER 31, 1993 ----------------------- FULLY PRIMARY DILUTED ----------- ----------- Weighted average number of common shares outstanding during year..................... 10,814,000 10,814,000 Excess of weighted average number of shares issuable upon exercise of employee stock options over 20% of shares outstanding at end of year................................. 3,403,000 3,403,000 ----------- ----------- Weighted average number of shares............. 14,217,000 14,217,000 ----------- ----------- Proceeds available to repay debt: From exercise of options, including tax benefits, at average market price......... $31,541,000 From exercise of options, including tax benefits, at year-end market price........ $28,379,000 Other...................................... 1,360,000 1,360,000 ----------- ----------- 32,901,000 29,739,000 ----------- ----------- Interest saved................................ 1,513,000 1,368,000 Other......................................... 198,000 187,000 ----------- ----------- 1,711,000 1,011,000 ----------- ----------- Interest to income, net of taxes.............. 1,112,000 1,011,000 Net income as reported........................ 9,650,000 9,650,000 ----------- ----------- Adjusted net income........................... $10,762,000 $10,661,000 ----------- ----------- Per share..................................... $.76 $.75