Exhibit 11
MEREDITH CORPORATION AND SUBSIDIARIES ----------
Computation of Primary and Fully Diluted Per
Common Share Earnings - Treasury Stock Method
Five years ended June 30, 1994
(not covered by Independent Accountants' Opinion)
Weighted average number of shares (in thousands)
Dilutive effect of
unexercised stock
Weighted average options and management
number of shares incentive deferred
outstanding awards Total
---------------- ---------------------- ----------------
Fully Fully Fully
Primary Diluted Primary Diluted Primary Diluted
------- ------- ------- ------- ------- -------
1994 14,182 14,182 101 119 14,283 14,301
l993 15,266 15,266 20 20 15,286 15,286
1992 16,141 16,141 31 31 16,172 16,172
1991 16,814 16,814 51 51 16,865 16,865
1990 18,515 18,515 59 59 18,574 18,574
Primary and fully diluted earnings per common share
Cum. Effect of
Earnings from Change in Method
Cont. Operations Earnings of Accounting
Before Cum. Effect from for SFAS No. 106
of Change in Discontinued Postretirement
Acctg. Principles Operations Benefits Total
------------------ --------------- ---------------- ----------------
Fully Fully Fully Fully
Primary Diluted Primary Diluted Primary Diluted Primary Diluted
------- ------- ------- ------- ------- ------- ------- --------
1994 $1.90* $1.90* $ - $ - $ - $ - $1.90 $1.90
1993 1.22 1.22 - - - - 1.22 1.22
1992 .06 .06 - - (.45) (.45) (.39) (.39)
1991 1.36 1.36 3.58 3.58 - - 4.94 4.94
1990 (.08) (.08) (1.35) (1.35) - - (1.43) (1.43)
Note: Primary - based on average market prices.
Fully Diluted - Based on the higher of the average market price or the
market price at June 30 of each year.
*Dilution less than three percent from earnings per common share outstanding
and therefore not considered to be material.