EXHIBIT III VSE CORPORATION STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (Dollars in thousands; except share data)
Year Ended December 31 1996 1995 1994 ------ ------ ------ Net income: Continuing operations $1,946 $1,738 $1,547 Discontinued operations: Income (loss) from operations (25) (92) 6 Loss on disposal (179) 0 0 ------ ------ ------ $1,742 $1,646 $1,553 ====== ====== ====== Weighted average shares outstanding 1,731,601 1,732,796 1,726,334 ========= ========= ========= Net earnings per share - primary and fully diluted: Continuing operations $1.11 $1.00 $ .90 Discontinued operations: Income (loss) from operations (.01) (.05) 0 Loss on disposal (.10) 0 0 ---- ---- ---- $1.00 $ .95 $ .90 ==== ==== ==== Shares from above 1,731,601 1,732,796 1,726,334 Assumed exercise of options (treasury stock method) 15,909 0 0 --------- --------- --------- 1,747,510 1,732,796 1,726,334 ========= ========= =========