EXHIBIT 11
SEACHANGE INTERNATIONAL, INC.
COMPUTATION OF NET INCOME PER SHARE (1)
(UNAUDITED)
Three months ended Nine months ended
September 30, September 30,
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1996 1997 1996 1997
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WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
SHARES:
Weighted average common shares outstanding
during the period 10,359,690 12,897,606 10,357,173 12,888,534
Weighted average common equivalent shares (2) 1,230,760 447,257 1,230,760 500,100
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11,590,450 13,344,863 11,587,933 13,388,634
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Net income $ 1,425,988 $ 102,310 $ 3,548,042 $ 4,239,886
Primary net income per share $ 0.12 $ 0.01 $ 0.31 $ 0.32
(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.
(2) Common share equivalents issued subsequent to September 1995 which are
comprised of common stock options and Series B convertible preferred stock
have been included in the calculation for the three-month and nine-month
periods ended September 30, 1996 pursuant to Securities and Exchange
Commission Staff Accounting Bulletin No. 83.