PAGE 1 Exhibit 11 DOW JONES & COMPANY, INC. and its Subsidiaries COMPUTATION OF EARNINGS PER SHARE (in thousands except per share data) 1996 1995 1994 PRIMARY -------- -------- -------- - ------- Average shares outstanding used in the computation of reported earnings per share 96,703 96,907 99,002 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 668 768 660 -------- -------- -------- Average shares and common stock equivalents outstanding--primary 97,371 97,675 99,662 ======== ======== ======== Net income $189,969 $189,572 $178,173 ======== ======== ======== Net income per share--primary $1.95 $1.94 $1.79 ===== ===== ===== FULLY DILUTED - ------------- Average shares outstanding used in the computation of reported earnings per share 96,703 96,907 99,002 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 668 1,068 660 -------- -------- -------- Average shares and common stock equivalents outstanding--fully diluted 97,371 97,975 99,662 ======== ======== ======== Net income $189,969 $189,572 $178,173 ======== ======== ======== Net income per share--fully diluted $1.95 $1.93 $1.79 ===== ===== =====