EXHIBIT III
VSE CORPORATION
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
(Dollars in thousands; except share data)
Year Ended December 31
1996 1995 1994
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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
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$1,742 $1,646 $1,553
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Weighted average shares
outstanding 1,731,601 1,732,796 1,726,334
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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
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Shares from above 1,731,601 1,732,796 1,726,334
Assumed exercise of options
(treasury stock method) 15,909 0 0
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1,747,510 1,732,796 1,726,334
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