1
EXHIBIT 11.2
SOFTWARE SPECTRUM, INC.
COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE
Year Ended Month Ended
April 30, April 30, Year Ended March 31,
-------------- -------------- ------------------------------
1997 1996 1996 1995
-------------- -------------- ---------- ----------
Net income (loss) $ (845,000) $ (495,000) $7,366,000 $8,788,000
============== ============== ========== ==========
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 the higher of ending or average market price * * 63,526 47,885
Shares as adjusted 4,314,410 4,263,116 4,259,699 4,216,714
============== ============== ========== ==========
Fully diluted earnings (loss) per share $ (.20) $ (.12) $ 1.73 $ 2.08
============== ============== ========== ==========
*No incremental shares from outstanding stock options are included because such
inclusion would be anti-dilutive.