AGCO CORPORATION AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (1)
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
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PRIMARY EARNINGS PER SHARE 1997 1996 1997 1996
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Weighted average number of common shares outstanding . . . . . . . 62,913 57,208 61,368 53,913
Shares issued upon assumed exercise of outstanding
stock options . . . . . . . . . . . . . . . . . . . . . . . . . 378 364 378 461
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Weighted average number of common and common
equivalent shares outstanding . . . . . . . . . . . . . . . . . 63,291 57,572 61,746 54,374
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Income before extraordinary loss . . . . . . . . . . . . . . . . . $ 44,182 $ 31,299 $ 120,736 $ 89,402
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . - - (2,080) (3,503)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,182 $ 31,299 $ 118,656 $ 85,899
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Net income per common share:
Income before extraordinary loss . . . . . . . . . . . . . . $ 0.70 $ 0.54 $ 1.95 $ 1.64
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . - - (0.03) (0.06)
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Net income. . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.70 $ 0.54 $ 1.92 $ 1.58
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FULLY DILUTED EARNINGS PER SHARE
Weighted average number of common shares outstanding . . . . . . . 62,913 57,208 61,368 53,913
Shares issued upon assumed conversion of the convertible
subordinated debentures . . . . . . . . . . . . . . . . . . . . 378 - 412 2,969
Shares issued upon assumed exercise of outstanding
stock options (2) . . . . . . . . . . . . . . . . . . . . . . . - 390 - 459
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Weighted average number of common and common
equivalent shares outstanding . . . . . . . . . . . . . . . . . 63,291 57,598 61,780 57,341
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Income before extraordinary loss . . . . . . . . . . . . . . . . . $ 44,182 $ 31,299 $ 120,736 $ 89,402
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . - - (2,080) (3,503)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,182 31,299 118,656 85,899
Interest expense on convertible subordinated debentures, net of
applicable income taxes . . . . . . . . . . . . . . . . . . . . . - - - 529
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Net income available for common stockholders . . . . . . . . . . . $ 44,182 $ 31,299 $ 118,656 $ 86,428
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Net income per common share:
Income before extraordinary loss . . . . . . . . . . . . . . .$ 0.70 $ 0.54 $ 1.95 $ 1.57
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . - - (0.03) (0.06)
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . .$ 0.70 $ 0.54 $ 1.92 $ 1.51
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(1) All numbers of shares in this exhibit are weighted on the basis of the
number of days the shares were outstanding or assumed to be outstanding
during each period.
(2) Based on the treasury stock method using the higher of the average or period
end market price.