EXHIBIT 11
ACTIVE VOICE CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS)
Three months ended Six months ended
September 30, September 30,
----------------------- ------------------------
1997 1996 1997 1996
--------- --------- --------- ---------
PRIMARY
Average shares outstanding 4,621,423 4,575,438 4,615,625 4,569,085
Net effect of dilutive stock options
based on the treasury stock method
using average market price 60,824 44,516 44,412 54,949
--------- --------- --------- ---------
Total 4,682,247 4,619,954 4,660,037 4,624,034
--------- --------- --------- ---------
--------- --------- --------- ---------
Net income $411 $912 $866 $1,683
--------- --------- --------- ---------
--------- --------- --------- ---------
Per share amount $0.09 $0.20 $0.19 $0.36
--------- --------- --------- ---------
--------- --------- --------- ---------
FULLY DILUTED
Average shares outstanding 4,621,423 4,575,438 4,615,625 4,569,085
Net effect of dilutive stock options
based on the treasury stock method
using the period end market price,
if higher than average market price 78,293 44,519 53,576 54,974
--------- --------- --------- ---------
Total 4,699,716 4,619,957 4,669,201 4,624,059
--------- --------- --------- ---------
--------- --------- --------- ---------
Net income $411 $912 $866 $1,683
--------- --------- --------- ---------
--------- --------- --------- ---------
Per share amount $0.09 $0.20 $0.19 $0.36
--------- --------- --------- ---------
--------- --------- --------- ---------