EXHIBIT 11
IKON OFFICE SOLUTIONS, INC.
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings (loss) per share)
1997 1996
Fully Fully
Primary Diluted(1) Primary Diluted(1)
Three Months June 30
Average Shares Outstanding
Common shares 132,781 132,781 128,905 128,905
Convertible loan notes 287 373
Options 771 771 2,050 2,067
--------- --------- --------- ---------
Total shares 133,552 133,839 130,955 131,345
========= ========= ========= =========
Income
Continuing Operations $30,128 $30,211 $43,656 $43,733
Discontinued Operations (20,143) (20,143)
--------- --------- --------- ---------
Net income 30,128 30,211 23,513 23,590
Less: Preferred dividends 4,885 4,885 4,885 4,885
--------- --------- --------- ---------
Net income available to common shareholders $25,243 $25,326 $18,628 $18,705
========= ========= ========= =========
Earnings Per Share
Continuing Operations $0.19 $0.19 $0.30 $0.30
Discontinued Operations (0.16) (0.16)
========= ========= ========= =========
Earnings Per Share $0.19 $0.19 $0.14 $0.14
========= ========= ========= =========
Nine Months Ended June 30
Average Shares Outstanding
Common shares 133,410 133,410 124,332 124,332
Preferred stock
Senior Securities 3,202
Convertible loan notes 268 373
Options 1,259 1,319 1,872 1,968
--------- --------- --------- ---------
Total shares 134,669 134,997 126,204 129,875
========= ========= ========= =========
Income
Continuing Operations $89,402 $89,651 $121,079 $121,308
Discontinued Operations 20,151 20,151 34,717 34,717
--------- --------- --------- ---------
Income before extraordinary loss 109,553 109,802 155,796 156,025
Extraordinary loss on extinguishment of debt (12,156) (12,156)
--------- --------- --------- ---------
Net Income 97,397 97,646 155,796 156,025
Less:Preferred Dividends 14,655 14,655 17,434 14,655
--------- --------- --------- ---------
Net income available to common shareholders $82,742 $82,991 $138,362 $141,370
========= ========= ========= =========
Earnings Per Share
Continuing Operations $0.56 $0.56 $0.82 $0.82
Discontinued Operations 0.15 0.15 0.28 $0.27
Extraordinary Loss (0.09) (0.09)
========= ========= ========= =========
Earnings Per Share $0.62 $0.62 $1.10 $1.09
========= ========= ========= =========
(1) This calculation is submitted in accordance with Regulation S-K item 601
(b) (11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.