EXHIBIT 11
HEICO CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Following are details of the computation of earnings per share:
YEAR ENDED OCTOBER 31,
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1997 1996 1995
--------------------- ----------------------------- -----------------------------
FULLY FULLY FULLY
PRIMARY DILUTED PRIMARY DILUTED PRIMARY DILUTED
--------- --------- ------------- ------------- ------------- -------------
Weighted average number of
common shares outstanding 8,026,906 8,026,906 7,786,389 7,786,389 7,538,238 7,538,238
Common stock equivalents arising
from dilutive stock options (1) 1,585,299 1,865,007 1,068,337 1,100,692 415,317 526,539
--------- --------- ------------- ------------- ------------- -------------
9,612,205 9,891,973 8,854,726 8,887,081 7,953,555 8,064,777
========= ========= ============= ============= ============= =============
Net income:
From continuing operations
before cumulative effect
of change in accounting
principle $ .73 $ .71 $ .41 $ .41 $ .18 $ .18
From discontinued operations -- -- $ .11 $ .11 $ .16 $ .15
From gain on sale of dis-
continued operations -- -- $ .59 $ .59 -- --
From cumulative effect
of change in
accounting principle -- -- -- -- -- --
--------- --------- ------------- ------------- ------------- -------------
Net income per share $ .73 $ .71 $ 1.11 $ 1.11 $ .34 $ .33
========= ========= ============= ============= ============= =============
YEAR ENDED OCTOBER 31,
--------------------------------------------------------------
1994 1993
----------------------------- -----------------------------
FULLY
PRIMARY DILUTED PRIMARY DILUTED
------------- ------------- ------------- -------------
Weighted average number of
common shares outstanding 7,472,748 7,472,748 7,667,281 7,667,281
Common stock equivalents arising
from dilutive stock options (1) 94,696 94,696 118,013 190,521
------------- ------------- ------------- -------------
7,567,444 7,567,444 7,785,294 7,857,802
============= ============= ============= =============
Net income:
From continuing operations
before cumulative effect
of change in accounting
principle $ .09 $ .09 $ .09 $ .09
From discontinued operations $ .11 $ .11 $ .03 $ .03
From gain on sale of dis-
continued operations -- -- -- --
From cumulative effect
of change in
accounting principle $ .05 $ .05 -- --
------------- ------------- ------------- -------------
Net income per share $ .25 $ .25 $ .12 $ .12
============= ============= ============= =============
(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.