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EXHIBIT 11.1
XXXXXXX INDUSTRIES, INC.
SCHEDULE OF COMPUTATION OF NET INCOME PER SHARE
(UNAUDITED)
Three Months Ended Nine Months Ended
02/28/97 02/29/96 02/28/97 02/29/96
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I. Net income for period $ 458,655 $ 484,287 $ 1,306,275 $ 775,779
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II. Determination of shares
Weighted average number of
common shares outstanding 7,042,886 6,886,889 7,012,557 6,886,889
Common equivalent shares 364,289 288,588 314,846 229,826
(determined using the "treasury stock"
method) representing shares issuable upon
exercise of employee stock options
Weighted average number of shares used 7,407,175 7,175,477 7,327,403 7,116,715
in calculation of primary income per share
Shares issuable on exercise of stock options, 87 26,635 56,999 50,815
net of shares assumed to be purchased out of
proceeds at market price
Weighted average number of shares used in
fully diluted income per share 7,407,262 7,202,112 7,384,402 7,167,530
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III. Net income per common share and common
share equivalent
Primary .06 .07 .18 .11
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Fully diluted .06 .07 .18 .11
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