EXHIBIT 11
STIFEL FINANCIAL CORP. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In Thousands, Except Per Share Amounts)
(UNAUDITED)
Three Months Ended
March 31, 1995 March 25, 1994
Fully Fully
Primary Diluted Primary Diluted
------- ------- ------- -------
Net income $ 68 $ 68 $ 179 $ 179
After-tax interest savings assuming
conversion of Senior Convertible Notes(1) - - 163 - - 175
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Net income adjusted for after-tax
interest savings $ 68 $231 $179 $354
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Average number of common shares
outstanding during the period 4,179 4,179 4,198 4,198
Additional shares assuming exercise of
stock options (2) 49 49 129 129
Additional Shares assuming conversion of
Senior Convertible Notes (3) - - 1,286 - - 1,286
----- ----- ----- -----
Average number of common shares used to
calculate earnings per share 4,228 5,514 4,327 5,613
===== ===== ===== =====
Net earnings per share $0.02 $0.02(4) $0.04 $0.04(4)
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(1)Represents the after-tax interest savings resulting from
assumed conversion of $10,000,000 aggregate principal 11.25%
Senior Convertible Notes.
(2)Represents the number of shares of common stock issuable on
the exercise of dilutive employee stock options less the
number of shares of common stock which could have been
purchased with the proceeds from the exercise of such options
and assumed purchases of stock from the Employee Stock
Purchase Plan (ESPP). For primary earnings per share
computations, these purchases were assumed to have been made
at the average market price of the common stock during the
period or that part of the period for which the option was
outstanding or shares assumed purchased through the ESPP. For
fully diluted earnings per share computations, these purchases
were assumed to have been made at the greater of the market
price of the common stock at the end of the period or average
market price of the common stock during the period or that
part of the period for which the option was outstanding or
shares assumed purchased through the ESPP.
(3)Represents the number of shares of common stock issuable upon
conversion of $10,000,000 aggregate principal 11.25% Senior
Convertible Notes at a conversion price of $7.7757 per share.
(4)Net fully diluted earnings per share computes to $0.04 and
$0.06 for three months ended March 31, 1995 and March 25,
1994, respectively. Since this is anti-dilutive, fully
diluted earnings per share is equivalent to primary earnings
per share.