PAGE 1 Exhibit 11 DOW JONES & COMPANY, INC. and its Subsidiaries COMPUTATION OF EARNINGS PER SHARE (in thousands except per share data) 1993 1992 1991 PRIMARY -------- -------- -------- Average shares outstanding used in the computation of reported earnings per share 99,773 101,150 101,011 Common stock equivalents (assuming the use of the proceeds from their exercise or issuance to acquire treasury stock at the average market value of stock during the year)--shares granted under employee stock option and stock purchase plans 510 242 71 -------- -------- -------- Average shares and common stock equivalents outstanding--primary 100,283 101,392 101,082 ======== ======== ======== Net income $147,547 $107,586 $ 72,189 ======== ======== ======== Net income per share--primary $1.47 $1.06 $.71 ===== ===== ===== FULLY DILUTED - - - ------------- Average shares outstanding used in the computation of reported earnings per share 99,773 101,150 101,011 Common stock equivalents (assuming the use of the proceeds from their exercise or issuance to acquire treasury stock at the higher of average market value of stock during the year or year-end market price)--shares granted under employee stock option and stock purchase plans 862 242 71 -------- -------- -------- Average shares and common stock equivalents outstanding--fully diluted 100,635 101,392 101,082 ======== ======== ======== Net income $147,547 $107,586 $ 72,189 ======== ======== ======== Net income per share--fully diluted $1.47 $1.06 $.71 ===== ===== =====