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EXHIBIT 11.1
BOLT BERANEK AND NEWMAN INC.
CALCULATION OF NET INCOME (LOSS) PER SHARE
Years Ended June 30, 1994, 1993 and 1992
(Dollars in thousands, except per-share data)
Year Ended June 30
- - ------------------------------------------------------------------------------------------------------------------------------------
1994 1993 1992
----------------------- ---------------------------- ----------------------------
Fully Fully Fully
Primary Diluted Primary Diluted Primary Diluted
---------- ---------- ---------- ----------- ---------- ----------
Calculation of shares:
Weighted average of shares
outstanding 16,179,000 16,179,000 15,705,000 15,705,000 16,227,000 16,227,000
Incremental shares from use
of treasury stock method
for stock options (a) (a) (a) (a) 277,000 268,000
---------- ---------- ---------- ----------- ---------- ----------
Shares used in per-share
calculations 16,179,000 16,179,000 15,705,000 15,705,000 16,504,000 16,495,000
========== ========== ========== =========== ========== ==========
Income (loss) before
extraordinary item $(7,824) $(32,264) $4,153
Extraordinary item 3,648
-------- -------- ------
Net income (loss) $(7,824) $(32,264) $7,801
======= ======== ======
Per-share amounts:
Income (loss) before
extraordinary item $ (.48) $ (.48) $ (2.05) $ (2.05) $ .24 $ .24
Extraordinary item .22 .22
---------- ---------- ---------- ----------- ---------- ----------
Net income (loss) per share $ (.48) $ (.48) $ (2.05) $ (2.05) $ .46 $ .46
========== ========== ========== =========== ========== ==========
<FN>
(a) 1994 and 1993 incremental shares were antidilutive and, as a result, were not included in the calculations of net loss per
share.