EXHIBIT 11 CDW HOLDING CORPORATION AND SUBSIDIARIES EXHIBIT 11--COMPUTATION OF EARNINGS PER SHARE ($S IN THOUSANDS, EXCEPT PER SHARE DATA) TEN-MONTH NINE-MONTH NINE-MONTH PERIOD ENDED YEAR ENDED YEAR ENDED PERIOD ENDED PERIOD ENDED 12/31/94 12/31/95 12/31/96 9/30/96 9/30/97 ------------ ---------- ---------- ------------ ------------ Income before extraordinary charge... $ 3,605 $ 25,130 $ 32,462 $ 22,766 $ 26,607 Extraordinary charge, net of taxes........... -- 8,068 -- -- -- ------- --------- --------- --------- --------- Net income.............. 3,605 17,062 32,462 22,766 26,607 Appreciation of redeemable common stock.................. 817 7,640 7,127 5,345 16,088 ------- --------- --------- --------- --------- Earnings applicable to common stockholders.... $ 2,788 $ 9,422 $ 25,335 $ 17,421 $ 10,519 Weighted average common shares outstanding..... 970,637 1,000,735 1,015,238 1,014,161 1,021,138 Common share equivalents used in computing primary earnings per share.................. 9,765 64,068 107,094 107,232 140,980 Common share equivalents used in computing fully diluted earnings per share.................. 18,307 88,307 116,882 112,417 153,758 Weighted average common shares and common share equivalents used in computing primary earnings per share..... 980,402 1,064,803 1,122,332 1,121,393 1,162,118 Weighted average common shares and common share equivalents used in computing fully diluted earnings per share..... 988,944 1,089,042 1,132,120 1,126,578 1,174,896 Primary earnings per share: Income before extraordinary charge.. $2.84 $16.43 $22.57 $15.54 $9.05 Extraordinary charge, net of taxes.......... -- 7.58 -- -- -- ------- --------- --------- --------- --------- Earnings applicable to common stockholders... $2.84 $8.85 $22.57 $15.54 $9.05 Fully diluted earnings per share: Income before extraordinary charge.. $2.82 $16.06 $22.38 $15.46 $8.95 Extraordinary charge, net of taxes.......... -- 7.41 -- -- -- ------- --------- --------- --------- --------- $2.82 $8.65 $22.38 $15.46 $8.95