EXHIBIT 11
WATSCO, INC.
COMPUTATION OF EARNINGS PER SHARE
QUARTER AND SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(IN THOUSANDS OF DOLLARS, EXCEPT PER SHARE AMOUNTS)
QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1996 1995(1) 1996 1995(1)
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Net income $4,256 $2,301 $5,562 $3,202
Less subsidiary preferred stock dividend (32) (32) (64) (64)
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Income applicable to common stock
for primary earnings per share 4,224 2,269 5,498 3,138
Add interest expense, net of income tax effects,
attributable to convertible debentures 24 28 48 56
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Income applicable to common stock for
fully diluted earnings per share $4,248 $2,297 $5,546 $3,194
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Weighted average common shares outstanding 13,509 9,232 11,939 9,230
Additional shares assuming
exercise of stock options and warrants 911 573 830 487
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Shares used for primary earnings per share 14,420 9,805 12,769 9,717
Additional shares assuming:
Exercise of stock options and warrants 36 48 117 134
Conversion of 10% Convertible
Subordinated Debentures due 1996 335 372 335 372
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Shares used for fully diluted earnings per share 14,791 10,225 13,221 10,223
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Earnings per share:
Primary $.29 $.23 $.43 $.32
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Fully diluted $.29 $.22 $.42 $.31
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(1) Weighted average common shares outstanding for the quarter and six months
ended June 30, 1995 have been restated to include the effect of a 3-for-2
stock split paid on June 14, 1996.
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