Gelman Sciences Inc – ‘10-K’ for 7/31/96 – EX-11

As of:  Thursday, 10/17/96   ·   For:  7/31/96   ·   Accession #:  950124-96-4405   ·   File #:  1-07828

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         44    248K 
 2: EX-3.(II)   Bylaws                                                15     56K 
 4: EX-10.18    Employment Agreement                                   3     14K 
 5: EX-10.20    Employment Agreement                                   2     11K 
 6: EX-10.21    Waiver and Release                                     1     10K 
 7: EX-10.22    Service Agreement                                      7     17K 
 8: EX-10.23    Letter Agreement                                       1      9K 
 9: EX-10.24    Letter Agreement                                       1     11K 
10: EX-10.25    Promissory Note                                        2     14K 
11: EX-10.26    Amendment to Promissory Note                           2     13K 
12: EX-10.27    Non-Employee Director Stock Plan                       4     19K 
13: EX-10.28    Executive Stock Plan                                   4     20K 
14: EX-10.29    Employment Agreement                                   7     25K 
15: EX-10.30    Stock Option Agreement                                 2     15K 
16: EX-10.31    Stock Option Agreement                                 2     15K 
 3: EX-10.8     Amendment to Consent Judgement                        13     33K 
17: EX-11       Computation of Earnings                                1     10K 
18: EX-21       Subsidiaries                                           1      8K 
19: EX-27       Financial Data Schedule                                1     11K 

EX-11   —   Computation of Earnings

EX-11
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                                                        [Enlarge/Download Table]
                                                               Exhibit 11                                                   
                                                COMPUTATION OF EARNINGS PER COMMON SHARE                                    
                                                        PRIMARY AND FULLY DILUTED                                           
----------------------------------------------------------------------------------------------------------------------------
                                                                                            1996        1995        1994    
                                                                                          ----------  ----------  ----------
                                                                                                                            
Net income for computing primary and fully diluted earnings per common share              $4,336,000  $6,622,000  $4,754,000
PRIMARY SHARES                                                                                                              
     Weighted average number of common shares outstanding                                  7,885,206   6,828,809   5,787,236
     Additions from assumed exercise of stock options and warrants                           369,787     406,464     520,652
                                                                                          ----------  ----------  ----------
     Weighted average of common and common equivalent shares                               8,254,993   7,235,273   6,307,888
                                                                                          ==========   =========   =========
FULLY DILUTED SHARES                                                                                                        
     Weighted average number of common shares outstanding                                  7,885,206   6,828,809   5,787,236
     Additions from assumed exercise of stock options and warrants                           403,490     420,925     548,640
                                                                                          ----------  ----------  ----------
     Weighted average of common and common equivalent shares                               8,288,696   7,249,734   6,335,876
                                                                                          ==========   =========   =========
NET INCOME PER COMMON SHARE                                                                                                 
     Primary                                                                              $     0.53  $     0.92  $     0.75
                                                                                          ==========   =========   =========
     Fully diluted                                                                        $     0.53  $     0.92  $     0.75
                                                                                          ==========   =========   =========

Primary additions from assumed exercise of stock options and warrants are net of
assumed purchase of common shares at the average market price during the        
fiscal year.  Fully diluted earnings per share was determined in the same manner
except that the year-end stock price was used. The average and year-end stock   
prices were as follows: fiscal 1996 - $23.25 and $28.25, fiscal 1995 - $15.53   
and $19.875, fiscal 1994 - $10.07 and $13.50, respectively.                     

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