Exhibit 11
KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(Unaudited) | (Unaudited) | ||||
Three Months Ended | Three Months Ended | ||||
September 30, 2004 | September 30, 2003 | ||||
(Amounts in Thousands, Except for per Share Data) | Class A | Class B | Total | Class A | Class B | Total | |
Basic Earnings Per Share: | |||||||
Dividends declared | $ 2,146 | $ 3,937 | $ 6,083 | $ 2,129 | $ 3,898 | $ 6,027 | |
Undistributed earnings (loss) | (382) | (686) | (1,068) | (1,064) | (1,885) | (2,949) | |
Net Income | $ 1,764 | $ 3,251 | $ 5,015 | $ 1,065 | $ 2,013 | $ 3,078 | |
Average Basic Shares Outstanding | 13,625 | 24,493 | 38,118 | 13,737 | 24,345 | 38,082 | |
Basic Earnings Per Share | $0.13 | $0.13 | $0.08 | $0.08 | |||
Diluted Earnings Per Share: | |||||||
Dividends declared and assumed dividends on dilutive shares | $ 2,146 | $ 3,948 | $ 6,094 | $ 2,129 | $ 3,901 | $ 6,030 | |
Undistributed earnings (loss) | (388) | (691) | (1,079) | (1,064) | (1,888) | (2,952) | |
Net Income | $ 1,758 | $ 3,257 | $ 5,015 | $ 1,065 | $ 2,013 | $ 3,078 | |
Average Diluted Shares Outstanding | 13,849 | 24,662 | 38,511 | 13,737 | 24,368 | 38,105 | |
Diluted Earnings Per Share | $0.13 | $0.13 | $0.08 | $0.08 | |||
Reconciliation of Basic and Diluted EPS calculations: | |||||||
Net Income used for Basic EPS calculation | $ 1,764 | $ 3,251 | $ 5,015 | $ 1,065 | $ 2,013 | $ 3,078 | |
Assumed dividends payable on dilutive shares: | |||||||
Stock options | -- | -- | -- | -- | -- | -- | |
Performance share awards | -- | 11 | 11 | -- | 3 | 3 | |
Reduction of undistributed earnings - allocated based on Class A and Class B shares | (6) | (5) | (11) | -- | (3) | (3) | |
Net Income used for Diluted EPS calculation | $ 1,758 | $ 3,257 | $ 5,015 | $ 1,065 | $ 2,013 | $ 3,078 | |
Average Shares Outstanding for Basic EPS calculation | 13,625 | 24,493 | 38,118 | 13,737 | 24,345 | 38,082 | |
Dilutive effect of average outstanding: | |||||||
Stock options | -- | -- | -- | -- | 2 | 2 | |
Performance share awards | -- | 70 | 70 | -- | 21 | 21 | |
Restricted share units | 224 | 99 | 323 | -- | -- | -- | |
Average Shares Outstanding for Diluted EPS calculation | 13,849 | 24,662 | 38,511 | 13,737 | 24,368 | 38,105 |
Included in dividends declared for the basic and diluted earnings per share computation are dividends computed and accrued on unvested Class A and Class B restricted share units, which will be paid by a conversion to the equivalent value of common shares after a vesting period.
For the current year period, all 2,534,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation. For the prior year period, 2,141,000 out of 2,913,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation.