Exhibit (11.3)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
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CALCULATION OF FULLY DILUTED NET EARNINGS PER COMMON AND COMMON
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EQUIVALENT SHARE (1)
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(All amounts in thousands, except per share amounts)
First Quarter Ended
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April 3, April 4,
1994 1993
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $27,616 $25,597
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest savings (net of tax) on
Convertible Subordinated Debentures as if converted
at the beginning of the period 1,431 1,454
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NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES ON A FULLY DILUTED BASIS $29,047 $27,051
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AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS:
Shares used in calculating primary earnings
per share 59,846 59,378
Dilutive effect of stock options after
application of treasury stock method 83
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
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AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS 62,476 62,091
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FULLY DILUTED NET EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $.46 $.44
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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.
QUARTERLY\EX-11(3).WP
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