TOLL BROTHERS, INC. & SUBSIDIARIES EXHIBIT 11
STATEMENT: COMPUTATION OF EARNINGS PER SHARE
Six Months Six Months
ended April 30 ended April 30
-------------- --------------
1996 1995
---- ----
Net income per income statement $16,246,000 $17,704,000
Addback: Interest on convertible
debentures, net of income taxes 785,000 795,000
----------- -----------
Net income (Fully-diluted) $17,031,000 $18,499,000
=========== ===========
Earnings per share:
Primary $ 0.47 $ 0.53
Fully-diluted $ 0.46 $ 0.51
PRIMARY SHARES:
Weighted average shares outstanding 33,823,950 33,447,960
Common stock equivalents - stock options 702,829 168,995
----------- ----------
TOTAL 34,526,779 33,616,955
=========== ==========
FULLY-DILUTED SHARES:
Weighted average shares outstanding 33,823,950 33,447,734
Common stock equivalents - stock options 717,702 191,253
Shares issuable on conversion of
subordinated debentures 2,434,182 2,456,466
----------- ----------
TOTAL 36,975,834 36,095,453
=========== ==========
Three Months Three Months
ended April 30 ended April 30
1996 1995
Net income per income statement $ 7,978,000 $ 9,445,000
Addback: Interest on convertible
debentures, net of income taxes 390,000 395,000
----------- -----------
Net income (Fully diluted) $ 8,368,000 $ 9,840,000
Earnings per share:
Primary $ 0.23 $ 0.28
Fully Diluted $ 0.23 $ 0.27
PRIMARY SHARES:
Weighted average shares outstanding 33,899,709 33,461,796
Common stock equivalents - stock options 606,758 245,269
----------- -----------
TOTAL 34,506,467 33,707,065
=========== ===========
FULLY-DILUTED SHARES:
Weighted average shares outstanding 33,899,709 33,461,796
Common stock equivalents - stock options 606,890 245,286
Shares issuable on conversion of
subordinated debentures 2,422,432 2,445,931
----------- -----------
TOTAL 36,929,031 36,153,013
=========== ===========