EXHIBIT 11
WATSCO, INC.
COMPUTATION OF EARNINGS PER SHARE
QUARTER AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(IN THOUSANDS, EXCEPT PER SHARE DATA)
QUARTER ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
1997 1996 1997 1996
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Net income $6,363 $4,256 $8,645 $5,562
Less subsidiary preferred stock dividend (32) (32) (64) (64)
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Income applicable to common stock
for primary earnings per share 6,331 4,224 8,581 5,498
Add interest expense, net of income tax effects,
attributable to convertible debentures - 24 - 48
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Income applicable to common stock for
fully diluted earnings per share $6,331 $4,248 $8,581 $5,546
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Weighted average common shares outstanding 17,217 13,509 16,256 11,939
Additional shares assuming
exercise of stock options and warrants 1,023 911 1,066 830
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Shares used for primary earnings per share 18,240 14,420 17,322 12,769
Additional shares assuming:
Exercise of stock options and warrants - 36 - 117
Conversion of 10% Convertible
Subordinated Debentures due 1996 - 335 - 335
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Shares used for fully diluted earnings per share 18,240 14,791 17,322 13,221
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Earnings per share:
Primary $.35 $.29 $.50 $.43
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Fully diluted $.35 $.29 $.50 $.42
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