EXHIBIT 11
Page 1 of
2
THE INTERPUBLIC GROUP OF COMPANIES, INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in Thousands Except Per Share Data)
Year Ended December 31
1997 1996 1995 1994
1993
BASIC:
Net Income before effect of
accounting changes $205,033 $211,113 $139,588 $127,107
$110,466
Effect of accounting changes - - - (29,564)
(512)
________ ________ ________ ________
________Net income, as adjusted $205,033 $211,113 $139,588 $
97,543 $109,954
Weighted average number of common shares outstanding 127,457,013 127,504,436
125,009,700 122,770,794 121,920,904Basic earnings per share data:Income before
effect of accounting changes $1.61 $1.66 $1.12
$1.04 $ .90
Effect of accounting changes - - - (.25)
- -
________ _______ _______ _______
_______Net Income $1.61 $1.66 $1.12 $
.79 $ .90
EXHIBIT 11
Page 2 of 2
THE INTERPUBLIC GROUP OF COMPANIES, INC.
COMPUTATION OF EARNINGS PER SHARE
(Dollars in Thousands Except Per Share Data)
Year Ended December 31
1997 1996 1995 1994
1993
DILUTED:
Net Income before effect of
accounting changes $ 205,033 $ 211,113 $ 139,588 $ 127,107
$ 110,466
Effect of accounting changes - - -
(29,564) (512)
After tax interest savings
on assumed conversion of
subordinated debentures<F1> 5,929 6,410 - -
- -
Add: Dividends paid net of
related income tax applicable
to the Restricted Stock Plan 447 384 461 366
330
Net income, as adjusted $ 211,409 $ 217,907 $ 140,049 $ 97,909
$ 110,284
Weighted average number of
common shares outstanding 127,457,013 127,504,436 125,009,700 122,770,794
121,920,904
Assumed conversion of
subordinated debentures<F1> 4,010,291 4,466,502 - -
- -
Weighted average number of
incremental shares in
connection with assumed
exercise of stock options 2,910,648 2,219,373 1,921,923 1,523,756
1,646,618
Weighted average number of
incremental shares in
connection with the
Restricted Stock Plan 1,638,646 1,605,564 2,080,067 1,871,346
2,397,039
Total 136,016,598 135,795,875 129,011,690 126,165,896
125,964,561
Diluted Earnings Per Share Data:
Income before effect of
accounting changes 1.55 1.60 1.09 1.01
.88
Effect of accounting changes - - -
(.23) -
Net Income 1.55 1.60 1.09 .78
.88
<FN>
<F1> The computation of diluted EPS for 1997 excludes the assumed conversion of
the 1.80% Convertible Subordinated Notes due 2004 because they were
antidilutive. Similarly, the computation of diluted EPS for 1995, 1994 and 1993
excludes the assumed conversion of the 3 3/4% Convertible Subordinated
Debentures due 2002 as they were antidilutive.