Exhibit 11.1
COMPUTATION RE: EARNINGS PER SHARE
WASTE INDUSTRIES, INC.
COMPUTATION RE: EARNINGS PER SHARE
Pro forma (1)
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Year Ended December 31,
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1997 1998 1999
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Basic Earnings Per Share:
Net Income $ 3,936 $ 10,278 $ 12,024
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Weighted average number of common shares issued
and outstanding 11,709 12,875 13,707
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Basic earnings per share $ 0.34 $ 0.80 $ 0.88
Diluted Earnings Per Share
Net Income $ 3,936 $ 10,278 $ 12,024
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Weighted average number of common shares issued
and outstanding 11,709 12,875 13,707
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Common stock equivalents -
Options for common stock 526 589 530
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Weighted average common stock equivalents 12,235 13,464 14,237
Less treasury shares assumed to be repurchased (167) (198) (186)
Weighted average shares outstanding 12,068 13,266 14,051
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Diluted earnings per share $ 0.33 $ 0.77 $ 0.86
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(1) The pro forma number of shares reflected the (i) exchange by the Company of
its common stock on a share-for-share basis for all of the outstanding common
stock of the following companies affiliated through common ownership: Waste
Enterprises, Inc., Waste Industries South, Inc., Waste Industries West, Inc.,
Waste Industries East, Inc., Kabco, Inc., Conway 378, Inc. and Amlease, Inc., in
April 1996 (ii) stock dividend of non nonvoting common shares for each voting
common share in 1995, and (iii) a 1-for-2.5 reverse stock split and the
conversion of all nonvoting common shares to common shares in 1997.