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EXHIBIT 11.01
GRADALL INDUSTRIES, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
Year Ended Six Months Ended
December 31, June 30,
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1995 1995 1996
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Primary Actual Earnings Per Share (A):
(a) Net income as reported $6,607 $4,320 $3,526
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Weighted average number of common shares outstanding
assuming the Recapitalization had occurred on
January 1, 1995 1,000 1,000 1,000
Shares issuable upon conversion of outstanding warrants,
assumed to be converted January 1, 1995 81.1 81.1 81.1
Weighted average number of common shares and common stock
equivalents outstanding 1081.1 1081.1 1081.1
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Effect of 5540 to 1 stock split which will become effective
at the time of the Offering X5540 X5540 X5540
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(b) Weighted average actual common shares and common stock
equivalents outstanding after giving effect to the
stock split 5,989,294 5,989,294 5,989,294
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Primary actual earnings per share (a divided by b) $1.10 $.72 $.59
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Primary Supplementary Earnings Per Share (B):
Net income as reported $6,607 $4,320 $3,526
Pro forma adjustments:
Reduce amortization of deferred financing fees 80 - 162
Change in interest expense resulting from payoff
of debt from proceeds of the Offering 737 2 1,658
Tax expense related to pro forma adjustments (294) (1) (706)
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(a) Pro forma net income $7,130 $4,321 $4,640
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Weighted average number of common shares outstanding
assuming the Recapitalization had occurred on
January 1, 1995 1,000 1,000 1,000
Shares issuable upon conversion of outstanding warrants,
assumed to be converted January 1, 1995 81.1 81.1 81.1
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1081.1 1081.1 1081.1
Effect of 5540 to 1 stock split which will become effective
at the time of the Offering X5540 X5540 X5540
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5,989,294 5,989,294 5,989,294
Stock options to become effective August 15, 1996 10,000 10,000 10,000
Shares assumed to be issued in connection with the Offering 2,500,000 2,500,000 2,500,000
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(b) Pro forma weighted average shares of common stock and
common stock equivalents outstanding after giving effect
to the stock split 8,499,294 8,499,294 8,499,294
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Primary supplementary earnings per share (a divided by b) $.84 $.51 $.55
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A Presented based on actual earnings and average shares outstanding in
the periods indicated after giving effect to the anticipated 5540 to 1
stock split and the conversion of the outstanding warrants.
B Presented as if the 1995 Recapitalization, the exercise of the Warrants
and an option for 10,000 shares, the issuance of shares of Common Stock
pursuant to the Offering and the application of the estimated net
proceeds thereof had occurred on January 1, 1995. Pro forma net income
per share data do not include a $0.5 million extraordinary loss (net of
a tax benefit of $0.4 million) to be incurred on repayment in full of
the Senior Subordinated Notes and a $0.4 million write-off (net of a tax
benefit of $0.3 million) of the financing costs related to the repayment
in full of the Senior Subordinated Notes and the Term Loan and a portion
of the Revolver which will be reported in the period in which the
Offering is consummated.
C Primary and fully diluted earnings per share are the same because the
outstanding stock options are the only additional common stock
equivalents, and under the treasury stock method there would be no
impact upon their exercise at the current estimated market value of the
stock.