EXHIBIT 11.1
SEAGATE TECHNOLOGY, INC.
COMPUTATION OF NET INCOME PER SHARE
YEAR ENDED
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JUNE 27, JUNE 28, JUNE 30,
1997 1996 1995
-------- -------- --------
(IN THOUSANDS EXCEPT PER
SHARE DATA)
PRIMARY
Weighted average number of common shares
outstanding during the year..................... 233,562 199,738 190,630
Incremental common shares attributable to
exercise of outstanding options (assuming
proceeds would be used to purchase treasury
stock).......................................... 7,481 7,138 4,900
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Total shares................................. 241,043 206,876 195,530
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Net income:
Income before extraordinary gain............... $658,038 $213,261 $312,548
Extraordinary gain, net of tax effect.......... -- -- 6,171
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Net income................................... $658,038 $213,261 $318,719
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Net income per share:
Income before extraordinary gain............... $ 2.73 $ 1.03 $ 1.60
Extraordinary gain, net of tax effect.......... -- -- .03
-------- -------- --------
Net income................................... $ 2.73 $ 1.03 $ 1.63
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FULLY DILUTED
Weighted average number of common shares
outstanding during the year..................... 233,562 199,738 190,630
Incremental common shares attributable to
exercise of outstanding options (assuming
proceeds would be used to purchase treasury
stock) and conversion of 6%, 6 1/2% and 5%
convertible subordinated debentures............. 24,799 36,534(a) 56,512
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Total shares................................. 258,361 236,272(a) 247,142
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Net income:
Income before extraordinary gain............... $658,038 $213,261 $312,548
Add 6 3/4% convertible subordinated debentures
interest, net of income tax effect............ -- 7,487 11,240
Add 5% convertible subordinated debentures
interest, net of income tax effect............ 4,376 8,228 8,448
Add 6 3/4% convertible subordinated debentures
interest, net of income tax effect 5,663 -- (a) 8,340
Add 6 1/2% convertible subordinated debentures
interest, net of income tax effect............ 6,465 -- (a) 12,012
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Income before extraordinary gain, as adjusted.. 674,542 228,976(a) 352,588
Extraordinary gain, net of tax effect.......... -- -- 6,171
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Net income, as adjusted........................ $674,542 $228,976(a) $358,759
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Net income per share:
Income before extraordinary gain, as adjusted.. $ 2.61 $ .97(a) $ 1.43
Extraordinary gain, net of tax effect, as
adjusted...................................... -- -- .02
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Net income................................... $ 2.61 $ .97(a) $ 1.45
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(a) The assumed conversion of the Company's 6 1/2% and 6 3/4% convertible
subordinated debentures has been excluded because they produce an anti-
dilutive result.
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