Exhibit 11.2
ROHR, INC. AND SUBSIDIARIES
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CALCULATION OF FULLY DILUTED NET INCOME PER SHARE OF COMMON STOCK
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(in thousands except per share data)
Year ended July 31,
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1996 1995 1994 1993 1992
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Net income (loss) from continuing operations before
extraordinary item and cumulative effect of accounting
changes applicable to primary earnings per common share $ 3,228 $ 8,493 $ 4,669 $ (24,257) $ 996
Add back interest and issue expense on convertible
debentures, net of tax adjustment 1,856 2,720 5,477 4,941 4,941
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Adjusted income (loss) from continuing operations before
extraordinary item and cumulative effect of accounting
changes applicable to common stock on a fully diluted basis 5,084 11,213 10,146 (19,316) 5,937
Income (loss) from discontinued operations, net of taxes 3,879 2,258 (6,324) 459
Loss from extraordinary item, net of taxes (1,146)
Cumulative effect of accounting changes, net of taxes (223,950)
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Net income (loss) applicable to fully diluted earnings
per share $ 5,084 $13,946 $12,404 $(249,590) $ 6,396
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Average number of shares outstanding on a fully diluted basis:
Shares used in calculating primary earnings per share 20,814 18,213 18,062 17,909 17,710
Unexercised options 280 375 4
Shares on conversion of 7% debentures 2,674 2,674 2,674
Shares on conversion of 7.75% debentures 1,905 5,556 1,157
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Average number of shares outstanding on a fully diluted basis 22,999 24,144 21,893 20,583 20,388
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Fully diluted net income (loss) per common share before
extraordinary item and cumulative effect of accounting changes $ 0.22 $ 0.47 $ 0.47 $ (0.94) $ 0.29
Income (loss) from discontinued operations, net of taxes 0.16 0.10 (0.31) 0.02
Extraordinary item, net of taxes (0.05)
Loss from cumulative effect of accounting changes, net
of taxes (10.88)
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Fully diluted net income (loss) per average common share $ 0.22 $ 0.58 $ 0.57 $ (12.13) $ 0.31
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Note:
The fully diluted net income (loss) per average share for the twelve months
ended July 31, 1996, excludes the assumed conversion of those securities that
results in improvement of earnings per share. The assumed conversion of the
Company's convertible debentures for prior years were antidilutive, hence
primary earnings per share are presented for these periods in the Company's
Consolidated Statement of Earnings.