ST. JUDE MEDICAL, INC. AND SUBSIDIARIES
YEAR ENDED DECEMBER 31, 1996
EXHIBIT 11 - COMPUTATION OF EARNINGS PER SHARE
Year Ended December 31
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1996 1995 1994
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PRIMARY
Average shares outstanding 80,636,809 79,790,294 79,617,015
Net effect of dilutive stock options, based on the
treasury stock method using average market price 1,316,272 1,197,510 467,894
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TOTAL 81,953,081 80,987,804 80,084,909
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Net Income $ 92,180,708 $138,847,849 $ 86,450,001
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Earnings Per Share $ 1.12 $ 1.71 $ 1.08
FULLY DILUTED
Average shares outstanding 80,636,809 79,790,294 79,617,015
Net effect of dilutive stock options, based on the
treasury stock method using year-end market price,
if higher than average market price 1,607,200 1,674,162 814,628
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TOTAL 82,244,009 81,464,456 80,431,643
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Net Income $ 92,180,708 $138,847,849 $ 86,450,001
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Earnings Per Share $ 1.12 $ 1.70 $ 1.07