CBI INDUSTRIES, INC. AND SUBSIDIARIES EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 and 1991
(Thousands, except per share amounts)
1993 1992 1991
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Primary Earnings Per Common Share
Net (loss)/income before cumulative effect of accounting changes $(39,846) $ 65,537 $ 53,408
Cumulative effect of accounting changes - (7,170) -
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Net (loss)/income to common shareholders $(39,846) $ 58,367 $ 53,408
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Weighted average number of common shares outstanding 37,166 36,601 34,683
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Net (loss)/income before cumulative effect of accounting changes $ (1.07) $ 1.79 $ 1.54
Cumulative effect of accounting changes - (0.20) -
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Net (loss)/income to common shareholders $ (1.07) $ 1.59 $ 1.54
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Fully Diluted Earnings Per Common Share
Net (loss)/income before cumulative effect of accounting changes $(39,846) $ 65,537 $ 53,408
Add back expenses included in net income that pertain to ESOP debt service:
Series C preferred dividends 8,448 8,638 8,718
Common dividends on unallocated reverted shares 73 108 129
Company contributions (after utilization of common dividends
of $811 for 1993, $796 for 1992 and $715 for 1991 charged to
retained earnings) 7,646 6,455 5,519
ESOP debt amortization (2,107) (1,029) (174)
Tax effect included in net income related to debt service (5,713) (5,590) (5,068)
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Net (loss)/income before cumulative effect of accounting changes adjusted
to exclude ESOP debt service (31,499) 74,119 62,532
Adjustments to reflect the servicing of ESOP debt (required
for this calculation), based on the assumption all the Series C
preferred shares were converted to common shares:
Common dividends on unallocated reverted shares (223) (262) (367)
Company contributions (after utilization of common dividends
of $3,333 for 1993, $2,462 for 1992 and $2,541 for 1990 charged to
retained earnings) (13,422) (13,273) (12,173)
ESOP debt amortization 2,107 1,029 174
Tax effect included in net income related to debt service 5,059 5,120 5,068
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Net (loss)/income before cumulative effect of accounting changes (37,978) 66,733 55,234
Cumulative effect of accounting changes - (7,170) -
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Net (loss)/income to common shareholders $(37,978) $ 59,563 $ 55,234
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Weighted average number of common shares outstanding 37,166 36,601 34,683
Add common stock equivalents of stock option plan 170 157 238
Add common stock equivalents of leveraged Series C preferred shares 4,545 4,612 4,644
Add common stock equivalents of reverted allocated Series C
preferred shares 723 587 441
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Fully diluted weighted average number of common shares outstanding 42,604 41,957 40,006
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Net (loss)/income before cumulative effect of accounting changes $ (0.89) $ 1.59 $ 1.38
Cumulative effect of accounting changes - (0.17) -
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Net (loss)/income to common shareholders $ (0.89) $ 1.42 $ 1.38
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