EXHIBIT 11.0
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
Three months ended
March 31,
1994 1993
($ in thousands,
except
per share amount)
Primary:
Net earnings $ 2,897 3,845
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Fully Diluted:
Net earnings $ 2,897 3,845
Elimination of interest expense
applicable to $50 million of 7 1/4%
convertible subordinated debentures,
net of tax -- 598
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Net earnings $ 2,897 4,443
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Primary shares:
Weighted average number of common shares
outstanding 28,382 22,801
Common equivalent shares for dilutive
effect of assumed exercise of stock
options 315 251
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28,697 23,052
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Fully diluted shares:
Weighted average number of common shares
outstanding 28,382 22,801
Common equivalent shares for dilutive
effect of assumed exercise of stock
options 305 257
Shares applicable to $50 million of
7-1/4% convertible subordinated
debentures, converted at $11.125 -- 4,494
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28,687 27,552
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Earnings per share of common stock:
Primary $ .10 .17
Fully diluted $ .10 .16