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EXHIBIT 11
BOWMAR INSTRUMENT CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
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THIRD QUARTER FIRST NINE MONTHS
FISCAL FISCAL FISCAL FISCAL
1996 1995 1996 1995
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PRIMARY NET INCOME PER
COMMON SHARE:
NET INCOME:
Net Income $328,000 $2,203,000 $841,000 $3,352,000
Less: Dividend on Preferred Stock 90,000 90,000 270,000 270,000
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Net Income Applicable to Common Stock $238,000 $2,113,000 $571,000 $3,082,000
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SHARES:
Weighted Average Number of Common
Shares Outstanding 6,456,291 6,419,124 6,454,516 6,415,567
Number of Common Stock Equivalents
Assuming Exercise of Options Reduced
by the Number os Shares Which Could
Have Been Purchased With the Proceeds
From Exercise of Such Options 81,063 135,603 120,723 142,243
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Weighted Average Number of Shares
and Common Stock Equivalents 6,537,354 6,554,727 6,575,239 6,557,810
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PRIMARY NET INCOME PER
COMMON SHARE $0.04 $0.32 $0.09 $0.47
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FULLY DILUTED NET INCOME PER
COMMON SHARE:
NET INCOME:
Net Income $328,000 $2,203,000 $841,000 $3,352,000
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SHARES:
Weighted Average Number of Shares
and Common Stock Equivalents 6,537,354 6,573,699 6,575,239 6,570,142
Number of Shares of Common Stock
Issued Upon Conversion of
Preferred Stock 1,599,467 1,599,467 1,599,467 1,599,467
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Weighted Average Number of Shares
and Common Stock Equivalents
Assuming Conversion of Preferred Stock 8,136,821 8,173,166 8,174,706 8,169,609
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FULLY DILUTED NET INCOME PER
COMMON SHARE (SEE NOTE) $0.27 $0.41
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Note: For the third quarter and first nine months of 1996, fully diluted Net
Income per share is considered to be the same as primary Net Income per share
since the effect of the potentially dilutive preferred stock is currently
antidilutive.