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EXHIBIT 11.1
BOLT BERANEK AND NEWMAN INC.
CALCULATIONS OF NET INCOME (LOSS) PER SHARE
YEARS ENDED JUNE 30, 1995, 1994 AND 1993
(DOLLARS IN THOUSANDS, EXCEPT PER-SHARE DATA)
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YEAR ENDED JUNE 30
1995 1994 1993
FULLY FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED
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Calculation of shares:
Weighted average of shares
outstanding......................... 16,984,000 16,984,000 16,179,000 16,179,000 15,705,000 15,705,000
Incremental shares from use of
treasury stock method for stock
options............................. 1,000,000 1,490,000 (a) (a) (a) (a)
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Shares used in per-share
calculations........................ 17,984,000 18,474,000 16,179,000 16,179,000 15,705,000 15,705,000
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Net income (loss)..................... $64,844 $(7,824) $(32,264)
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Net income (loss) per share........... $3.61 $3.51 $(.48) $(.48) $(2.05) $(2.05)
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(a) 1994 and 1993 incremental shares were antidilutive and, as a result, were
not included in the calculation of net loss per share.