EXHIBIT 11.1
THE FAILURE GROUP, INC. AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF
NET INCOME PER SHARE
FOR THE QUARTERS AND SIX MONTHS ENDED JUNE 28, 1996 AND JUNE 30, 1995
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Quarters Ended(1) Six Months Ended(1)
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June 28, June 30, June 28, June 30,
1996 1995 1996 1995
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Weighted average shares issued and outstanding-
Common stock..................................... $ 6,618 $ 6,584 $ 6,665 $ 6,593
Income before extraordinary item................... 946 686 1,592 1,176
Extraordinary item (net of taxes of $301).......... (443) -- (443) --
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Net income......................................... 503 686 1,149 $ 1,176
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Income per share before extraordinary item......... $ .14 $ .10 $ .24 $ .18
Extraordinary item per share....................... $ (.07) $ -- $ (.07) $ --
------- ------- -------- --------
Net income per share............................... $ .08 $ .10 $ .17 $ .18
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(1) The modified treasury stock method was used as shares obtainable exceeded
20% of the Common Stock outstanding at the end of the period. The assumed
reduced interest expense resulting from the application of this method is
immaterial.
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