EXHIBIT (11.3)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
CALCULATION OF FULLY DILUTED NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE (1)
(All amounts in thousands, except per share amounts)
Year Ended December 31
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1993 1992 1991
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $124,166 $71,603 $ 6,878
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest savings (net of tax) on
Convertible Subordinated Debentures as if converted
at the beginning of the period 5,723 5,339 5,939
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES ON A FULLY DILUTED BASIS $129,889 $76,942 $12,817
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AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS
Shares used in calculating primary earnings
per share 59,593 59,009 58,563
Dilutive effect of stock options after
application of treasury stock method 99 76 123
Adjustment for other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted at the
beginning of the period 2,630 2,630 2,630
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AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS 62,322 61,715 61,316
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FULLY DILUTED NET EARNINGS PER COMMON
AND COMMON EQUIVALENT SHARE $2.08 $1.25 $.21
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(1) This calculation is submitted in accordance with 17 CFR 229.601(b)(11) although it is
contrary to paragraph 40 of APB Opinion No. 15 because it produces an antidilutive result.