EXHIBIT 11
BEAZER HOMES USA, INC.
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands, except per share amounts)
YEAR ENDED
SEPTEMBER 30,
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1997 1996
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Primary:
Earnings
Net income................................................................. $ 11,189 $ 18,266
Less: Dividends on preferred shares (a).................................... 4,000 4,000
Net income applicable to common shares..................................... $ 7,189 $ 14,266
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Shares
Weighted average number of unrestricted common shares outstanding.......... 6,088,195 6,374,961
Weighted average number of restricted common shares outstanding, net....... 141,720 98,809
Dilutive effect of outstanding options as determined by the application of
the treasury stock method.................................................. 44,335 1,397
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Weighted average number of shares outstanding, as adjusted................. 6,274,250 6,475,167
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Primary net income per share.................................................. $ 1.15 $ 2.20
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Fully-diluted:
Earnings
Net income.................................................................. $ 11,189 $ 18,266
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Shares
Weighted average number of unrestricted common shares outstanding.......... 6,088,195 6,374,961
Weighted average number of restricted common shares outstanding, net....... 141,720 98,807
Dilutive effect of outstanding options as determined by the application of the
treasury stock method..................................................... 44,335 1,397
Assumed conversion of preferred stock (a).................................. 2,624,672 2,624,672
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Weighted average number of shares outstanding, as adjusted................. 8,898,922 9,099,837
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Net income per share assuming full dilution..................................... $ 1.26(b) $ 2.01
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(a) The Company's Series A Cumulative Convertible Exchangeable Preferred Stock
(2,000,000 shares of $50,000,000 aggregate liquidation preference,
convertible into 2,624,672 shares of common stock), issued in August 1995.
(b) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.