1
EXHIBIT 11
NATIONAL DENTEX CORPORATION
COMPUTATION OF NET INCOME PER SHARE
YEAR ENDED DECEMBER 31,
--------------------------------------
1995 1996 1997
---- ---- ----
Computation of Basic Net Income per Share:
Net Income applicable to common stock.................. $3,243,808 $3,704,926 $4,346,836
Shares:
Weighted average common shares outstanding........ 3,175,150 3,414,411 3,454,473
Basic net income per share........................ $ 1.02 $ 1.09 $ 1.26
========== ========== ==========
Computation of Diluted Net Income per Share:
Net income per computation above....................... $3,243,808 $3,704,926 $4,346,836
---------- ---------- ----------
Shares:
Weighted average common shares outstanding........ 3,175,150 3,414,411 3,454,473
Add: Shares issuable from assumed exercise of
options and warrants (as determined by the
application of the treasury stock method)....... 252,059 94,820 62,297
---------- ---------- ----------
Weighted average common shares outstanding as
adjusted........................................ 3,427,209 3,509,231 3,516,770
---------- ---------- ----------
Fully diluted net income per share................ $ 0.95 $ 1.06 $ 1.24
========== ========== ==========