Exhibit 11
HEICO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
1995 (2) 1994 (2)
-------------------------- --------------------------
FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED
--------- --------- --------- ---------
Nine months ended July 31:
Weighted average number of common
shares outstanding 2,510,064 2,510,064 2,495,940 2,495,940
Common Stock equivalents arising from
dilutive stock options (1) 108,714 141,624 37,569 37,569
--------- --------- --------- ---------
2,618,778 2,651,688 2,533,509 2,533,509
========= ========= ========= =========
Income per share from operations
before cumulative effect of
change in accounting principle $0.74 $0.73 $0.37 $0.37
===== ===== ===== =====
Cumulative effect per share of
change in accounting principle -- -- $0.15 $0.15
===== ===== ===== =====
Net income per share (1) $0.74 $0.73 $0.52 $0.52
===== ===== ===== =====
Three months ended July 31:
Weighted average number of common
shares outstanding 2,527,547 2,527,547 2,493,311 2,493,311
Common Stock equivalents arising from
dilutive stock options (1) 207,429 207,429 14,820 14,820
--------- --------- --------- ---------
2,734,976 2,734,976 2,508,131 2,508,131
========= ========= ========= =========
Income per share from operations
before cumulative effect of
change in accounting principle $0.26 $0.26 $0.18 $0.18
===== ===== ===== =====
Cumulative effect per share of
change in accounting principle -- -- -- --
===== ===== ===== =====
Net income per share (1) $0.26 $0.26 $0.18 $0.18
===== ===== ===== =====
(1) Computed under the "treasury stock" method using the average market price
for the primary computation and using the higher of average or ending
market prices for the fully diluted computation.
(2) All of the following information has been restated to reflect the 10% stock
dividend declared on May 8, 1995 (see Note 6 to the Consolidated Condensed
Financial Statements).
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