Exhibit 11
MEREDITH CORPORATION AND SUBSIDIARIES ----------
Computation of Primary and Fully Diluted Per
Common Share Earnings - Treasury Stock Method
Five years ended June 30, 1995
(not covered by Independent Accountants' Opinion)
(Note: All share and per-share information reflects the two-for-one
stock split effected March 16, 1995.)
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
------- ------- ------- ------- ------- -------
1995 27,425 27,425 329 348 27,754 27,773
1994 28,365 28,365 202 238 28,567 28,603
l993 30,532 30,532 40 40 30,572 30,572
1992 32,282 32,282 62 62 32,344 32,344
1991 33,628 33,628 102 102 33,730 33,730
Primary and fully diluted earnings per common share
Earnings from Cumulative
Cont. Operations Earnings Effect of
Before Cum. Effect from Change in
of Change in Discontinued Accounting
Acctg. Principles Operations Principles Total
------------------ --------------- ---------------- ----------------
Fully Fully Fully Fully
Primary Diluted Primary Diluted Primary Diluted Primary Diluted
------- ------- ------- ------- ------- ------- ------- --------
1995 $1.44 $1.44 $ - $ - ($1.67) ($1.67) $(.23) $(.23)
1994 .95* .95* - - - - .95* .95*
1993 .61 .61 - - - - .61 .61
1992 .03 .03 - - (.23) (.23) (.20) (.20)
1991 .68 .68 1.79 1.79 - - 2.47 2.47
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.