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EXHIBIT 11
BOWMAR INSTRUMENT CORPORATION
COMPUTATION OF EARNINGS PER COMMON SHARE
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FIRST QUARTER
FISCAL FISCAL
1998 1997
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BASIC EARNINGS PER COMMON SHARE:
NET INCOME:
Earnings from Continuing Operations, Net of Tax $ 210,000 $ 383,000
Less: Dividends on Preferred Stock 90,000 90,000
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Earnings Applicable to Continuing Operations, Net of Tax 120,000 $ 293,000
Earnings Applicable to Discontinued Operations, Net of Tax 0 46,000
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Earnings Applicable to Common Shares $ 120,000 $ 339,000
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SHARES:
Weighted Average Number of Common
Shares Outstanding 6,674,492 6,563,311
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Earnings per Common Share-Continuing Operations $ 0.02 $ 0.04
Earnings per Common Share-Discontinued Operations 0.00 0.01
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Basic Earnings per Common Share $ 0.02 $ 0.05
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DILUTED EARNINGS PER COMMON SHARE:
NET INCOME:
Earnings from Continuing Operations, Net of Tax $ 210,000 $ 383,000
Earnings from Discontinued Operations, Net of Tax 0 46,000
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Net Income $ 210,000 $ 429,000
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SHARES:
Weighted Average Number of Common
Shares Outstanding 6,674,492 6,563,311
Number of Common Stock Equivalents
Assuming Exercise of Options Reduced
by the Number of Shares Which Could
Have Been Purchased With the Proceeds
From the Exercise of Such Options 162,697 3,660
Number of Shares of Common Stock
Issued Upon Conversion of Preferred Stock 1,598,346 1,598,907
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Weighted Average Number of Shares
and Common Stock Equivalents
Assuming Conversion of Preferred Stock 8,435,535 8,165,878
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Diluted Earnings per Share-Continuing Operations 0.02 0.04
Diluted Earnings per Share-Discontinued Operations 0.00 0.01
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DILUTED EARNINGS PER COMMON SHARE $ 0.02 $ 0.05
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Note: For the first quarter of 1998 and 1997, fully diluted earnings per share
is considered to be the same as basic earnings per share since the effect of the
potentially dilutive preferred stock is currently antidilutive.