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Safecard Services Inc – ‘10-K’ for 10/31/93 – EX-11

As of:  Monday, 1/31/94   ·   For:  10/31/93   ·   Accession #:  86103-94-3   ·   File #:  1-10411

Previous ‘10-K’:  None   ·   Next:  ‘10-K’ on 2/1/94 for 10/31/93   ·   Latest:  ‘10-K/A’ on 3/27/95 for 10/31/94

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  As Of                Filer                Filing    For·On·As Docs:Size

 1/31/94  Safecard Services Inc             10-K       10/31/93   13:343K

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        1993 Form 10-K                                        29±   164K 
 5: EX-10       Amended Complaint Filed December 1, 1993              46±   171K 
 4: EX-10       Forms of Non-Qualified Stock Option Agreements        10±    40K 
 3: EX-10       Indemnification Agreements                            18±    91K 
 6: EX-10       Investor Relations Letter Agreement Dated 1/6/94       1      9K 
 7: EX-10       Investor Relations Letter Agreement Dated 12/20/93     1      9K 
 9: EX-10       Letter Agreement Dated December 4, 1992                1      9K 
 8: EX-10       Letter Agreement Dated May 28, 1992                    2±     9K 
 2: EX-10       Third Amendment to Agreement With Citibank             4±    19K 
10: EX-11       Computation of Earnings Per Share                      2      9K 
11: EX-13       1993 Annual Report                                    28±   127K 
12: EX-15       Consent of Independent Accountants                     1      7K 
13: EX-22       Subsidiaries                                           1      5K 


EX-11   —   Computation of Earnings Per Share

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EXHIBIT 11 Exhibit 11(a) - Computation of Primary Earnings Per Share Fiscal Years Ended October 31, 1993 1992 1991 Net earnings $31,477,000 $22,498,000 $29,713,000 Adjustment (1) 324,000 Adjusted net earnings $31,477,000 $22,498,000 $30,037,000 ===== ===== ===== Average common shares outstanding 25,499,000 26,498,000 26,278,000 Assumed equivalent shares from stock options converted to common shares (1) 3,073,000 3,660,000 3,047,000 Total weighted average number of common and common equivalent shares 28,572,000 30,158,000 29,325,000 ===== ===== ===== Earnings per share $1.10 $.75 $1.02 == == == (1) Earnings per share are computed using the weighted average number of shares of common stock and common stock equivalents (common stock issuable upon exercise of stock options) outstanding. In computing earnings per share, the Company utilizes the treasury stock method. This method assumes that stock options, under certain conditions, are exercised and treasury shares are assumed to be purchased (not to exceed 20% of the common stock outstanding) from the proceeds using the average market price of the Company's common stock for the period. Any excess proceeds not utilized for the purchase of treasury shares are assumed first to reduce any outstanding capitalized lease obligation, if any, and any remainder invested in interest- bearing securities with net earnings increased for the hypothetical interest savings or interest income, net of income taxes. Due to the hypothetical interest savings or interest income, net earnings divided by the weighted average number of common and common equivalent shares will not always equal earnings per share.
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Exhibit 11(b) - Computation of Fully Diluted Earnings Per Share Fiscal Years Ended October 31, 1993 1992 1991 Net earnings $31,477,000 $22,498,000 $29,713,000 Adjustment (1) 59,000 -- Adjusted net earnings $31,477,000 $22,557,000 $29,713,000 ===== ===== ===== Average common shares outstanding 25,499,000 26,498,000 26,278,000 Assumed equivalent shares from stock options converted to common shares (1) 3,378,000 3,660,000 3,507,000 Total weighted average number of common and common equivalent shares 28,877,000 30,158,000 29,785,000 ===== ===== ===== Earnings per share $1.09(2) $.75(2) $1.00(2) === == === (1) Earnings per share are computed consistent with (1) on Exhibit 11(a) - Computation of Primary Earnings Per Share except in computing fully diluted earnings per share, the treasury stock method uses the market price of the Company's common stock at the close of the period rather than the average market price during the period. (2) This calculation is submitted in accordance with Regulation S-K item 601(b)(11) although not required by Footnote 2 to paragraph 14 of APB Opinion No. 15 because it results in dilution of less than 3%.
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Filing Submission 0000086103-94-000003   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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