Exhibit 11.1
Earnings per share is based on the fully diluted weighted average number of
common and common equivalent shares outstanding during the period. Pursuant to
rules of the Securities and Exchange Commission, all common and common
equivalent shares issued and options, warrants and other rights to acquire
shares of common stock at a price less than the initial public offering price
granted by the Company during the 12 months preceding the offering date (using
the treasury stock method until shares are issued) have been included in the
computation of common and common equivalent shares outstanding for all periods
prior to the initial public offering.
E*TRADE GROUP, INC.
STATEMENT RE: COMPUTATION OF PER-SHARE EARNINGS
(in thousands, except per share amounts)
YEARS ENDED
SEPTEMBER 30,
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1997 1996 1995 1994
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Weighted average shares
outstanding.................... 31,221 18,344 15,741 15,226
Common stock equivalents--
stock options................. 3,353
Securities issued after June 7,
1996, in accordance with Staff
Accounting Bulletin 83:
Series A convertible
preferred.................... -- 5,244 4,825 4,825
Series B convertible
preferred.................... -- 1,066 950 950
Stock options................. -- 3,910 4,965 5,185
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Shares used to compute per
share data..................... 34,574 28,564 26,481 26,186
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Net income (loss)............... $13,905 $ (828) $ 2,581 $ 785
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Net income (loss) per share..... $ 0.40 $ (0.03) $ 0.10 $ 0.03
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