EXHIBIT 11
IKON OFFICE SOLUTIONS, INC.
COMPUTATIONS OF EARNINGS PER SHARE
(in thousands, except earnings (loss) per share)
1997 1996
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Fully Fully
Primary Diluted(1) Primary Diluted(1)
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Three Months September 30
Average Shares Outstanding
Common shares 132,858 132,858 130,397 130,397
Preferred stock
Senior Securities
Convertible loan notes 287 374
Options 672 672 1,556 1,744
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Total shares 133,530 133,817 131,953 132,515
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Income
Continuing Operations $ 32,960 $ 33,040 $ 43,814 $ 43,892
Discontinued Operations 11,131 11,131
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Net income 32,960 33,040 54,945 55,023
Less: Preferred dividends 4,885 4,885 4,885 4,885
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Net income available to common shareholders $ 28,075 $ 28,155 $ 50,060 $ 50,138
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Earnings Per Share
Continuing Operations $0.21 $0.21 $0.30 $0.30
Discontinued Operations 0.08 0.08
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Earnings Per Share $0.21 $0.21 $0.38 $0.38
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Fiscal Year Ended September 30
Average Shares Outstanding
Common shares 133,261 133,261 125,856 125,856
Preferred stock
Senior Securities 2,396
Convertible loan notes 287 374
Options 1,112 1,282 1,793 1,912
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Total shares 134,373 134,830 127,649 130,538
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Income
Continuing Operations $ 122,362 $ 122,691 $164,893 $ 165,200
Discontinued Operations 20,151 20,151 45,848 45,848
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Income before extraordinary loss 142,513 142,842 210,741 211,048
Extraordinary loss on extinguishment of debt (12,156) (12,156)
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Net Income 130,357 130,686 210,741 211,048
Less:Preferred Dividends 19,540 19,540 22,319 19,540
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Net income available to common shareholders $ 110,817 $ 111,146 $188,422 $ 191,508
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Earnings Per Share
Continuing Operations $0.77 $0.76 $1.12 $1.12
Discontinued Operations 0.15 0.15 0.36 $0.35
Extraordinary Loss (0.09) (0.09)
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Earnings Per Share $0.83 $0.82 $1.48 $1.47
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(1) This calculation is submitted in accordance with Regulation S-K item 601
(b) (11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.