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EXHIBIT 11.1
SOFTWARE SPECTRUM, INC.
COMPUTATION OF PRIMARY EARNINGS PER SHARE
Year Ended Month Ended
April 30, April 30, Year Ended March 31,
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1997 1996 1996 1995
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Net income (loss) $ (845,000) $ (495,000) $7,366,000 $8,788,000
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Shares as adjusted:
Average number of shares outstanding 4,314,410 4,263,116 4,196,173 4,168,829
Incremental shares from outstanding stock options
as determined under the treasury stock method
using average market price * * 63,526 47,885
Shares as adjusted 4,314,410 4,263,116 4,259,699 4,216,714
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Primary earnings (loss) per share $ (.20) $ (.12) $ 1.73 $2.08
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*No incremental shares from outstanding stock options are included because such
inclusion would be anti-dilutive.