EXHIBIT 11.1
COMPUTATION OF CONSOLIDATED EARNINGS (LOSS) PER SHARE
(in thousands, except per share amounts)
(unaudited)
3rd Quarter Ended 3 Quarters Ended
----------------------- ----------------------
October 4, October 5, October 4, October 5,
1997 1996 1997 1996
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Earnings before extraordinary loss . . . . . . . . $ 96,530 $ 72,348 $ 296,927 $ 227,216
Extraordinary loss . . . . . . . . . . . . . . . . (802) (928) (9,045) (2,778)
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Net earnings . . . . . . . . . . . . . . . . . . . $ 95,728 $ 71,420 $ 287,882 $ 224,438
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FULLY DILUTED EARNINGS PER SHARE
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Weighted average common and dilutive
common equivalent shares:
Common stock outstanding . . . . . . . . . . . 254,423 251,506 254,184 250,376
Stock options. . . . . . . . . . . . . . . . . 13,620 13,047 14,108 13,588
--------- -------- --------- ---------
268,043 264,553 268,292 263,964
========= ======== ========= =========
Fully diluted earnings from operations per share. . $ .36 $ .27 $ 1.11 $ .86
Fully diluted results of extraordinary
loss per share . . . . . . . . . . . . . . . . . (.00) (.00) (.03) (.01)
--------- -------- --------- ---------
Fully diluted net earnings per share. . . . . . . . $ .36 $ .27 $ 1.08 $ .85
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Fully diluted earnings per common share equals net earnings divided
by the weighted average number of common shares outstanding, after
giving effect to dilutive stock options. Primary earnings per share
are not presented as they approximate fully diluted earnings per
share.
On March 20, 1997, the Company's Board of Directors declared a 2-for-
1 stock split. Shares were distributed on April 22, 1997. All share
and per share data included in this report have been restated to
reflect the stock split.