<TABLE>
COMDIAL CORPORATION AND SUBSIDIARIES
EXHIBIT 11
SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS
<CAPTION>
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(Dollars in thousands except share amounts) Three Months Ended Nine Months Ended
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Oct. 1 Oct. 3 Oct. 1 Oct. 3
2000 1999 2000 1999
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BASIC
<S> <C> <C> <C> <C>
Net income (loss) ($5,155) $1,834 ($11,472) $3,513
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Weighted average number of common
shares outstanding during the period 9,203,543 8,936,170 9,162,783 8,909,727
Add - Deferred and contingency shares 18,000 14,000 17,857 36,259
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Weighted average number of shares used in
calculation of basic earnings per share 9,221,543 8,950,170 9,180,640 8,945,986
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Basic earnings per share ($0.56) $0.20 ($1.25) $0.39
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DILUTED
Net income (loss) - basic: ($5,155) $1,834 ($11,472) $3,513
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Weighted average number of shares used in
calculation of basic earnings per share 9,221,543 8,950,170 9,180,640 8,945,986
Add incremental shares representing:
Shares issuable based on weighted average price:
Dilutive stock options - 41,783 - 41,399
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Weighted average number of shares used in calculation
of diluted earnings per share 9,221,543 8,991,953 9,180,640 8,987,385
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Diluted earnings per share ($0.56) $0.20 ($1.25) $0.39
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