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.
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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