
<PAGE>   1


Exhibit 11

AAVID THERMAL TECHNOLOGIES, INC. AND SUBSIDIARIES
<TABLE>
Computation of Net Income Per Share
(Amounts in thousands, except share data)
<CAPTION>
                                                                               (Unaudited)
                                                             Quarter ended                    Nine Months ended
                                                   September 28,      September 30,    September 28,      September 30,  
                                                        1996              1995             1996               1995
                                                   -------------       ------------    -------------      -------------

<S>                                                  <C>              <C>               <C>               <C>       
Weighted average shares outstanding                   6,478,127           724,445         6,161,317           724,445

Net effect of the assumed exercise of stock 
  options and warrants 
   -based on the treasury stock method                1,339,873                 0                 0                 0

Total                                                 7,818,000           724,445         6,161,317           724,445

Net income before extraordinary item                 $  802,000       $ 3,574,000       $(1,209,000)      $ 2,075,000

Extraordinary item                                           --                --          (171,000)               --

Net income                                           $  802,000       $ 3,574,000       $(1,380,000)      $ 2,075,000

Accretion to redemption value of warrant             $       --       $  (775,000)      $        --       $  (775,000) 

Net income                                           $  802,000       $(4,349,000)      $(1,380,000)      $(2,850,000)

Net income per share before extraordinary item       $     0.10       $     (4.93)      $     (0.20)      $     (2.86)

Extraordinary item income (expense) per share        $       --       $     (1.07)      $     (0.02)      $        --
                                                                                                          
Accretion to redemption value of warrant                                                                  $     (1.07)

Net income per share                                 $     0.10       $     (6.00)      $     (0.22)      $     (3.93)      
</TABLE>


