NU HORIZONS ELECTRONICS CORP. EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE ---------------------------------------- (Unaudited) FOR THE YEAR ENDED ------------------ FEBRUARY FEBRUARY FEBRUARY 28, 1997 29, 1996 28, 1995 PRIMARY EARNINGS: - ----------------- NET INCOME $ 7,073,560 $ 9,396,301 $4,421,823 =========== =========== ========== WEIGHTED AVERAGE SHARES: Common shares outstanding 8,732,299 7,903,839 7,728,549 Common share equivalents 357,473 332,410 119,128 ----------- ----------- ---------- Weighted average number of common shares and common share equivalents outstanding 9,089,772 8,236,249 7,847,677 =========== =========== ========== PRIMARY EARNINGS PER COMMON SHARE: Net Income $.78 $1.14 $ .56 =========== =========== ========== FULLY DILUTED EARNINGS: - ----------------------- Net Income $ 7,073,560 $ 9,396,301 $4,421,823 Net (after tax) interest expense related to convertible debt 359,289 661,826 365,062 ----------- ----------- ---------- NET INCOME AS ADJUSTED $ 7,432,849 $10,058,127 $4,786,885 =========== =========== ========== SHARES: Weighted average number of common shares and common share equivalents outstanding 9,089,772 8,236,249 7,847,677 Additional options not included above 944,754 660,562 598,287 Assuming Conversion of convertible debt 784,333 1,513,888 833,333 ----------- ----------- ---------- Weighted average number of common shares outstanding as adjusted 10,818,859 10,410,699 9,279,297 =========== =========== ========== FULLY DILUTED EARNINGS PER COMMON SHARE $.69 $.97 $ .52 =========== =========== ==========