1 EXHIBIT 11 STATEMENT RE COMPUTATION OF EARNINGS PER SHARE ALIGN-RITE INTERNATIONAL, INC. The computation of net income per share for the years ended March 31, 1997, 1996 and 1995 is as follows: 1997 1996 1995 ---------- ---------- ---------- PRIMARY Net income........................................... $5,324,787 $4,964,264 $3,423,569 Reduction of interest expense, net of tax effect..... -- -- 89,177 ---------- ---------- ---------- $5,324,787 $4,964,264 $3,512,746 ========== ========== ========== Average common shares outstanding.................... 4,383,562 3,698,037 1,314,725 Conversion of preferred stock........................ -- -- 1,185,746 Ordinary equivalent shares issuable upon the exercise of options and warrants currently outstanding to purchase ordinary shares subject to 20% limitation on assumed repurchase.............................. 415,191 445,157 976,095 ---------- ---------- ---------- 4,798,753 4,143,194 3,476,566 ========== ========== ========== Net income per share................................. $ 1.11 $ 1.20 $ 1.01 ========== ========== ========== FULLY DILUTED Net income........................................... $5,324,787 $4,964,264 $3,423,569 ========== ========== ========== Average common shares outstanding.................... 4,383,562 3,698,037 1,314,725 Conversion of preferred stock........................ -- -- 1,185,746 Ordinary equivalent shares issuable upon the exercise of options and warrants currently outstanding to purchase ordinary shares........................... 419,454 445,157 990,174 ---------- ---------- ---------- 4,803,016 4,143,194 3,490,645 ========== ========== ========== Net income per share................................. $ 1.11 $ 1.20 $ 0.98 ========== ========== ==========