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absorption, aluminum, belief, covenant, difficulty, full, hampered, law, legislation, leverage, opposed, practice, rebounded, scaling, steel
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consisted, heightened, infrequently, marketing, monitoring, November, positively, presently, record, tightening, uncollectible
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Exhibit 11
KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(Unaudited) | Three Months Ended March 31, 2010 | Three Months Ended March 31, 2009 | ||||||||||
(Amounts in Thousands, Except for Per Share Data) | Class A | Class B | Total | Class A | Class B | Total | ||||||
Basic Earnings Per Share: | ||||||||||||
Dividends Declared | $ 502 | $ 1,358 | $ 1,860 | $ 492 | $ 1,333 | $ 1,825 | ||||||
Less: Unvested Participating Dividends | -0- | -0- | -0- | (4) | -0- | (4) | ||||||
Dividends to Common Share Owners | 502 | 1,358 | 1,860 | 488 | 1,333 | 1,821 | ||||||
Undistributed Earnings | 4,470 | 2,289 | ||||||||||
Less: Earnings Allocated to Participating Securities | -0- | (6) | ||||||||||
Undistributed Earnings allocated to Common Share Owners | 1,278 | 3,192 | 4,470 | 663 | 1,620 | 2,283 | ||||||
Net Income Available to Common Share Owners | $ 1,780 | $ 4,550 | $ 6,330 | $ 1,151 | $ 2,953 | $ 4,104 | ||||||
Average Basic Common Shares Outstanding | 10,745 | 26,828 | 37,573 | 10,822 | 26,464 | 37,286 | ||||||
Basic Earnings Per Share | $ 0.17 | $ 0.17 | $ 0.11 | $ 0.11 | ||||||||
Diluted Earnings Per Share: | ||||||||||||
Dividends Declared and Assumed Dividends on Dilutive Shares | $ 505 | $ 1,358 | $ 1,863 | $ 492 | $ 1,333 | $ 1,825 | ||||||
Less: Unvested Participating Dividends | -0- | -0- | -0- | (4) | -0- | (4) | ||||||
Dividends and Assumed Dividends to Common Share Owners | 505 | 1,358 | 1,863 | 488 | 1,333 | 1,821 | ||||||
Undistributed Earnings | 4,467 | 2,289 | ||||||||||
Less: Earnings Allocated to Participating Securities | -0- | (6) | ||||||||||
Undistributed Earnings allocated to Common Share Owners | 1,282 | 3,185 | 4,467 | 665 | 1,618 | 2,283 | ||||||
Net Income Available to Common Share Owners | $ 1,787 | $ 4,543 | $ 6,330 | $ 1,153 | $ 2,951 | $ 4,104 | ||||||
Average Diluted Common Shares Outstanding | 10,802 | 26,831 | 37,633 | 10,884 | 26,490 | 37,374 | ||||||
Diluted Earnings Per Share | $ 0.17 | $ 0.17 | $ 0.11 | $ 0.11 | ||||||||
Reconciliation of Basic and Diluted EPS Calculations: | ||||||||||||
Net Income Used for Basic EPS Calculation | $ 1,780 | $ 4,550 | $ 6,330 | $ 1,151 | $ 2,953 | $ 4,104 | ||||||
Assumed Dividends Payable on Dilutive Shares: | ||||||||||||
Performance shares | 3 | -0- | 3 | -0- | -0- | -0- | ||||||
Increase (Reduction) of Undistributed Earnings - allocated based | ||||||||||||
on Class A and Class B shares | 4 | (7) | (3) | 2 | (2) | -0- | ||||||
Net Income Used for Diluted EPS Calculation | $ 1,787 | $ 4,543 | $ 6,330 | $ 1,153 | $ 2,951 | $ 4,104 | ||||||
Average Shares Outstanding for Basic EPS Calculation | 10,745 | 26,828 | 37,573 | 10,822 | 26,464 | 37,286 | ||||||
Dilutive Effect of Average Outstanding: | ||||||||||||
Performance shares | 57 | 3 | 60 | -0- | -0- | -0- | ||||||
Restricted share units | -0- | -0- | -0- | 62 | 26 | 88 | ||||||
Average Shares Outstanding for Diluted EPS Calculation | 10,802 | 26,831 | 37,633 | 10,884 | 26,490 | 37,374 | ||||||
Included in dividends declared for the basic and diluted earnings per share computation for the three months ended March 31, 2009 are dividends computed and accrued on unvested Class A and Class B restricted share units, which were paid by a conversion to the equivalent value of common shares after a vesting period. Restricted share units held by retirement-age participants at March 31, 2009 had a nonforfeitable right to dividends and are deducted from the above dividends and undistributed earnings figures allocable to common Share Owners. Previously reported earnings per share calculations for the three months ended March 31, 2009 have been recast as a result of FASB guidance on determining whether instruments granted in share-based payment transactions are participating securities. See Note 1 - Summary of Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements for further discussion. There were no restricted share units outstanding as of March 31, 2010. | ||||||||||||
All of the 680,000 and 748,000 average outstanding stock options were antidilutive and were excluded from the dilutive calculations for the quarters ended March 31, 2010 and 2009, respectively. In addition, 45,000 performance shares were antidilutive and were excluded from the dilutive calculation for the quarter ended March 31, 2009. |
(Unaudited) | Nine Months Ended March 31, 2010 | Nine Months Ended March 31, 2009 | |||||||||
(Amounts in Thousands, Except for Per Share Data) | Class A | Class B | Total | Class A | Class B | Total | |||||
Basic Earnings Per Share: | |||||||||||
Dividends Declared | $ 1,481 | $ 4,022 | $ 5,503 | $ 4,119 | $ 9,613 | $ 13,732 | |||||
Less: Unvested Participating Dividends | (9) | -0- | (9) | (56) | -0- | (56) | |||||
Dividends to Common Share Owners | 1,472 | 4,022 | 5,494 | 4,063 | 9,613 | 13,676 | |||||
Undistributed Earnings | 4,507 | 748 | |||||||||
Less: Earnings Allocated to Participating Securities | (8) | (3) | |||||||||
Undistributed Earnings allocated to Common | |||||||||||
Share Owners | 1,287 | 3,212 | 4,499 | 224 | 521 | 745 | |||||
Net Income Available to Common Share Owners | $ 2,759 | $ 7,234 | $ 9,993 | $ 4,287 | $10,134 | $ 14,421 | |||||
Average Basic Common Shares Outstanding | 10,702 | 26,706 | 37,408 | 11,139 | 25,980 | 37,119 | |||||
Basic Earnings Per Share | $ 0.26 | $ 0.27 | $ 0.38 | $ 0.39 | |||||||
Diluted Earnings Per Share: | |||||||||||
Dividends Declared and Assumed Dividends on Dilutive Shares | $ 1,493 | $ 4,023 | $ 5,516 | $ 4,127 | $ 9,613 | $ 13,740 | |||||
Less: Unvested Participating Dividends | (9) | -0- | (9) | (56) | -0- | (56) | |||||
Dividends and Assumed Dividends to Common Share Owners | 1,484 | 4,023 | 5,507 | 4,071 | 9,613 | 13,684 | |||||
Undistributed Earnings | 4,494 | 740 | |||||||||
Less: Earnings Allocated to Participating Securities | (8) | (3) | |||||||||
Undistributed Earnings allocated to Common | |||||||||||
Share Owners | 1,291 | 3,195 | 4,486 | 222 | 515 | 737 | |||||
Net Income Available to Common Share Owners | $ 2,775 | $ 7,218 | $ 9,993 | $ 4,293 | $10,128 | $ 14,421 | |||||
Average Diluted Common Shares Outstanding | 10,789 | 26,710 | 37,499 | 11,206 | 26,005 | 37,211 | |||||
Diluted Earnings Per Share | $ 0.26 | $ 0.27 | $ 0.38 | $ 0.39 | |||||||
Reconciliation of Basic and Diluted EPS Calculations: | |||||||||||
Net Income Used for Basic EPS Calculation | $ 2,759 | $ 7,234 | $ 9,993 | $ 4,287 | $10,134 | $ 14,421 | |||||
Assumed Dividends Payable on Dilutive Shares: | |||||||||||
Performance shares | 12 | 1 | 13 | 8 | -0- | 8 | |||||
Increase (Reduction) of Undistributed Earnings - | |||||||||||
allocated based on Class A and Class B shares | 4 | (17) | (13) | (2) | (6) | (8) | |||||
Net Income Used for Diluted EPS Calculation | $ 2,775 | $ 7,218 | $ 9,993 | $ 4,293 | $10,128 | $ 14,421 | |||||
Average Shares Outstanding for Basic EPS Calculation | 10,702 | 26,706 | 37,408 | 11,139 | 25,980 | 37,119 | |||||
Dilutive Effect of Average Outstanding: | |||||||||||
Performance shares | 87 | 4 | 91 | 21 | 1 | 22 | |||||
Restricted share units | -0- | -0- | -0- | 46 | 24 | 70 | |||||
Average Shares Outstanding for Diluted EPS Calculation | 10,789 | 26,710 | 37,499 | 11,206 | 26,005 | 37,211 | |||||
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. Restricted share units held by retirement-age participants have a nonforfeitable right to dividends and are deducted from the above dividends and undistributed earnings figures allocable to common Share Owners. Previously reported earnings per share calculations for the nine months ended March 31, 2009 have been recast as a result of FASB guidance on determining whether instruments granted in share-based payment transactions are participating securities. See Note 1 - Summary of Significant Accounting Policies of Notes to Condensed Consolidated Financial Statements for further discussion. | |||||||||||
All of the 704,000 and 756,000 average outstanding stock options were antidilutive and were excluded from the dilutive calculations for the nine months ended March 31, 2010 and 2009, respectively. |