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EXHIBIT 11
Ferrofluidics Corporation
Statement Re: Computation of Per Share Earnings
For the Years ended June 30, 1996, 1995 and 1994
1996 1995 1994
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Primary
Average shares outstanding 6,196,934 5,563,160 5,366,350
Net effect of dilutive stock options - based
on the treasury stock method using
average market price 116,111 NA NA
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Total 6,313,045 5,563,160 5,366,350
Net income $3,820,000 $ 889,000 $(10,713,000)
Per share amount $.61 $.16 $(2.00)
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Fully Diluted
Average shares outstanding 6,196,934 5,563,160 5,366,350
Net effect of dilutive stock options - based
on the treasury stock method using
year-end market price, if higher than
average market price 156,817 NA NA
---------- ---------- ------------
Total 6,353,751 5,563,160 5,366,350
Net income $3,820,000 $ 889,000 $(10,713,000)
Per share amount $.60(A) $.16 $(2.00)
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<FN>
(A) Earnings per share assuming full dilution is not presented in the Statement
of Operations for 1996 as it is less than 3% more dilutive than the primary
computation.
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