EXHIBIT 11.1
COMPUTATION OF CONSOLIDATED EARNINGS (LOSS) PER SHARE
(in thousands, except per share amounts)
Fiscal Years Ended
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January 1, January 2, December 28,
1994 1993 1991
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(52 weeks) (53 weeks) (52 weeks)
Earnings before extraordinary loss and
cumulative effect of change in accounting. $170,805 $101,160 $100,694
Extraordinary loss. . . . . . . . . . . . . . (23,832) (107,103) (20,839)
Cumulative effect of change in accounting . . (159,193)
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Net earnings (loss) for common stock. . . . . $(12,220) $ (5,943) $ 79,855
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PRIMARY (1)
Weighted average common and dilutive
common equivalent shares:
Common stock outstanding . . . . . . . . 104,003 89,258 87,189
Stock options. . . . . . . . . . . . . . 2,708 2,106 3,029
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106,711 91,364 90,218
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Primary earnings from continuing
operations per share . . . . . . . . . . . $ 1.60 $ 1.11 $ 1.12
Primary results of extraordinary
loss per share . . . . . . . . . . . . . . (.22) (1.17) (.23)
Primary results of cumulative effect of
change in accounting . . . . . . . . . . . (1.49)
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Primary net earnings (loss) per share . . . . $ (.11) $ (.06) $ .89
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FULLY DILUTED (1)
Weighted average common shares
and all other dilutive securities:
Common stock outstanding . . . . . . . . 104,003 89,258 87,189
Stock options. . . . . . . . . . . . . . 3,216 2,194 3,272
Convertible debt . . . . . . . . . . . . 17,074
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124,293 91,452 90,461
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Fully diluted earnings from
continuing operations per share (2). . . . $ 1.50 $ 1.11 $ 1.11
Fully diluted results of extraordinary
loss per share . . . . . . . . . . . . . . (.19) (1.17) (.23)
Fully diluted results of cumulative effect
change in accounting (1.28)
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Fully diluted net earnings (loss)
per share. . . . . . . . . . . . . . . . . $ .03 $ (.06) $ .88
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(1) The Convertible Junior Subordinated Debentures issued in
March, 1991 and the Convertible Junior Subordinated Notes
issued in December, 1992 are not included in the computation
of primary earnings per share since they are not common stock
equivalents. They are not included in the fully diluted
earnings per share calculation for the year ended January 2,
1993 because they are anti-dilutive. They are not included in
the fully diluted earnings per share calculation for the year
ended December 28, 1991 because the March, 1991 issue is anti-
dilutive and the December, 1992 issue had not been issued.
(2) Earnings used to calculate fully diluted earnings per share
have been adjusted to reflect the tax effected interest
expense of $16.1 million for the year ended January 1, 1994
that would have been avoided in connection with the assumed
conversion of the 6-3/8% Convertible Junior Subordinated Notes
and the 8-1/4% Convertible Junior Subordinated Debentures.