EXHIBIT 11
WATSCO, INC.
COMPUTATION OF EARNINGS PER SHARE
Quarters and Nine Months Ended September 30, 1996 and 1995 (In
thousands of dollars, except per share amounts)
QUARTERS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1996 1995(1) 1996(1) 1995(1)
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Net income $5,002 $2,831 $10,564 $6,033
Less subsidiary preferred
stock dividend (33) (33) (97) (97)
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Income applicable to common stock
for primary earnings per share 4,969 2,798 10,467 5,936
Add interest expense, net of income
tax effects, attributable to
convertible debentures 22 28 70 84
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Income applicable to common stock for
fully diluted earnings per share $4,991 $2,826 $10,537 $6,020
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Weighted average common shares
outstanding 13,631 9,309 12,507 9,257
Additional shares assuming
exercise of stock options
and warrants 907 649 856 505
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Shares used for primary earnings
per share 14,538 9,958 13,363 9,762
Additional shares assuming:
Exercise of stock options
and warrants 37 119 84 264
Conversion of 10% Convertible
Subordinated Debentures
due 1996 265 364 312 369
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Shares used for fully diluted
earnings per share 14,840 10,441 13,759 10,395
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Earnings per share:
Primary $.34 $.28 $.78 $.61
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Fully diluted $.34 $.27 $.77 $.58
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(1) Weighted average common shares outstanding have been restated to include the
effect of a 3-for-2 stock split paid on June 14, 1996.