Exhibit 11
SEACHANGE INTERNATIONAL, INC.
Computation of Net Income Per Share (1)
(Unaudited)
Three months ended
March 31,
-------------------------
1996 1997
------------- -----------
Weighted average common and common
equivalent shares:
Weighted average common shares outstanding
during the period................................. 8,774,775 12,871,054
Weighted average common equivalent shares (2)..... 2,809,060 542,501
------------- -------------
11,583,835 13,413,555
============= =============
Net income........................................ $ 719,100 $ 1,732,600
Primary net income per share...................... $ 0.06 $ 0.13
(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 quarter ended March 31,
1996 pursuant to Securities and Exchange Commission Staff Accounting
Bulletin No. 83.
13