EXHIBIT 11 SEACHANGE INTERNATIONAL, INC. COMPUTATION OF NET INCOME PER SHARE (1) (UNAUDITED)
THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, --------------------------- ------------------------- 1995 1996 1995 1996 ------------- ------------ ------------ ----------- Weighted average common and common equivalent shares: Weighted average common shares outstanding during the period................................ 9,206,025 8,588,490 9,098,775 8,585,973 Weighted average common equivalent shares ............................... 1,771,200 1,771,200 1,771,200 1,771,200 Dilutive effect of common equivalent shares issued subsequent to September 1995 (2) ............................. 1,230,760 1,230,760 1,133,489 1,230,760 ----------- ----------- ----------- ----------- 12,207,985 11,590,450 12,003,464 11,587,933 =========== =========== =========== =========== Net income $ 212,967 $ 1,425,965 $ 1,342,094 $ 3,548,042 Primary net income per share $ 0.02 $ 0.12 $ 0.11 $ 0.31
(1) Fully diluted net income per share has not been separately presented, as the amounts would not be materially different from primary net income per share. (1) Common share equivalents issued subsequent to September 1995 are comprised of common stock options and Series B convertible preferred stock and have been included in the calculation pursuant to Securities and Exchange Commission Staff Accounting Bulletin No. 83. Common share equivalents issued at prices below the initial public price of $15.00 in the twelve months preceding the initial public offering have been included in the calculation for all periods presented. 14