1
EXHIBIT 11
BOWMAR INSTRUMENT CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
- ----------------------------------------------------------------------------------------------------------------
SECOND QUARTER FIRST SIX MONTHS
FISCAL FISCAL FISCAL FISCAL
1997 1996 1997 1996
- ----------------------------------------------------------------------------------------------------------------
PRIMARY NET INCOME PER
COMMON SHARE:
NET INCOME:
Net Income $ 398,000 $ 308,000 $ 825,000 $ 512,000
Less: Dividends on Preferred Stock 90,000 90,000 180,000 180,000
---------- ---------- ---------- ----------
Net Income Applicable to Common Stock $ 308,000 $ 218,000 $ 645,000 $ 332,000
========== ========== ========== ==========
SHARES:
Weighted Average Number of Common
Shares Outstanding 6,658,980 6,454,355 6,610,843 6,453,629
Number of Common Stock Equivalents
Assuming Exercise of Options Reduced
by the Number of Shares Which Could
Have Been Purchased With the Proceeds
From Exercise of Such Options 14,693 169,829 5,967 174,877
---------- ---------- ---------- ----------
Weighted Average Number of Shares
and Common Stock Equivalents 6,673,673 6,624,184 6,616,810 6,628,506
========== ========== ========== ==========
PRIMARY NET INCOME PER
COMMON SHARE $ 0.05 $ 0.03 $ 0.10 $ 0.05
========== ========== ========== ==========
===============================================================================
FULLY DILUTED NET INCOME PER
COMMON SHARE:
NET INCOME:
Net Income $ 398,000 $ 308,000 $ 825,000 $ 512,000
========== ========== ========== ==========
SHARES:
Weighted Average Number of Shares
and Common Stock Equivalents 6,673,673 6,624,184 6,625,536 6,628,506
Number of Shares of Common Stock
Issued Upon Conversion of
Preferred Stock 1,598,347 1,599,467 1,598,347 1,599,467
---------- ---------- ---------- ----------
Weighted Average Number of Shares
and Common Stock Equivalents
Assuming Conversion of Preferred Stock 8,272,020 8,223,651 8,223,883 8,227,973
========== ========== ========== ==========
FULLY DILUTED NET INCOME PER
COMMON SHARE (SEE NOTE)
========== ========== ========== ==========
Note: For the second quarter and first six months of 1997 and 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.