EXHIBIT 11
WATSCO, INC.
COMPUTATION OF EARNINGS PER SHARE
Quarters and Nine Months Ended September 30, 1997 and 1996
(In thousands, except per share data)
QUARTERS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1997 1996 1997 1996
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Net income $6,988 $5,002 $15,633 $10,564
Less subsidiary preferred stock dividend (33) (33) (97) (97)
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Income applicable to common stock
for primary earnings per share 6,955 4,969 15,536 10,467
Add interest expense, net of income tax effects,
attributable to convertible debentures - 22 - 70
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Income applicable to common stock for
fully diluted earnings per share $6,955 $4,991 $15,536 $10,537
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Weighted average common shares outstanding 17,286 13,631 16,596 12,507
Additional shares assuming
exercise of stock options and warrants 1,093 907 1,068 856
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Shares used for primary earnings per share 18,379 14,538 17,664 13,363
Additional shares assuming:
Exercise of stock options and warrants 44 37 69 84
Conversion of 10% Convertible
Subordinated Debentures due 1996 - 265 - 312
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Shares used for fully diluted earnings per share 18,423 14,840 17,733 13,759
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Earnings per share:
Primary $.38 $.34 $.88 $.78
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Fully diluted $.38 $.34 $.88 $.77
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