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EXHIBIT 11
BOWMAR INSTRUMENT CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
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FISCAL YEAR
1997 1996 1995
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INCOME PER COMMON SHARE - PRIMARY:
INCOME:
Income from Continuing Operations $ 1,333,333 $1,272,000 $ 4,110,000
Less: Dividends on Preferred Stock 360,000 360,000 360,000
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Income Applicable to Continuing Operations 973,333 912,000 3,750,000
Income (Loss) on Discontinued Operations (811,000) 18,000 (207,000)
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Net Income Applicable to Common Stock $ 162,333 $ 930,000 $ 3,543,000
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SHARES:
Weighted Average Number of Common
Shares Outstanding 6,640,772 6,462,077 6,426,378
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 21,513 102,910 188,863
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Weighted Average Number of Shares
and Common Stock Equivalents 6,662,285 6,564,987 6,615,241
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Income Per Common Share - Continuing Operations $ 0.14 $ 0.14 $ 0.57
Loss on Discontinued Operations Per Common Share $ (0.12) 0.00 (0.03)
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Net Income Per Share-Primary $ 0.02 $ 0.14 $ 0.54
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NET INCOME PER COMMON SHARE - FULLY DILUTED:
INCOME:
Income From Continuing Operations $ 1,333,333 $1,272,000 $ 4,110,000
Income (Loss) From Discontinued Operations (811,000) 18,000 (207,000)
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Net Income $ 522,333 $1,290,000 $ 3,903,000
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SHARES:
Weighted Average Number of Shares
and Common Stock Equivalents 6,801,961 6,564,987 6,615,241
Number of Shares of Common Stock
Issued Upon Conversion of
Preferred Stock 1,598,346 1,598,907 1,599,467
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Weighted Average Number of Shares
and Common Stock Equivalents
Assuming Conversion of Preferred Stock 8,400,307 8,163,894 8,214,708
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Income on Continuing Operations Per Common Share-Fully Diluted $ 0.50
Loss on Discountinued Operations Per Common Share-Fully Diluted $ (0.02)
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NET INCOME PER COMMON SHARE-FULLY DILUTED $ 0.48
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Note: The 1997 and 1996 fully diluted Net Income per share is considered to be
the same as the primary Net Income per share since the effect of the potentially
dilutive preferred stock is currently antidilutive.