EXHIBIT 11
NINE WEST GROUP INC. AND SUBSIDIARIES
Computation of Earnings Per Share
(In thousands except per share data)
(Unaudited)
13 Weeks Ended 39 Weeks Ended
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Nov. 1 Nov. 2 Nov. 1 Nov. 2
1997 1996 1997 1996
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COMPUTATION FOR CONDENSED CONSOLIDATED STATEMENTS OF INCOME
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PRIMARY EARNINGS PER SHARE
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Net income.............................................. $34,602 $35,311 $81,019 $73,503
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Shares:
Weighted average number of common shares outstanding.. 35,845 35,739 35,825 35,599
Net effect of dilutive stock options based on the
treasury stock method................................ 615 990 671 1,129
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Weighted average number of shares outstanding
including common stock equivalents................... 36,460 36,729 36,496 36,728
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Primary earnings per share.............................. $ 0.95 $ 0.96 $ 2.22 $ 2.00
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FULLY DILUTED EARNINGS PER SHARE (1)
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Reconciliation of net income to amount used for fully
diluted computation in Condensed Consolidated
Statements of Income:
Net income per primary calculation above................ $34,602 $35,311 $81,019 $73,503
Add:
Interest on 5.5% convertible notes, net of tax effect. 1,671 1,713 5,010 2,415
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Adjusted net income................................... $36,273 $37,024 $86,029 $75,918
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Reconciliation of weighted average common shares
outstanding to amount used for fully diluted computation
in Condensed Consolidated Statements of Income:
Weighted average number of common shares outstanding. 35,845 35,739 35,825 35,599
Weighted average shares issuable from assumed
exercise of 5.5% convertible notes.................. 3,056 3,056 3,056 1,455
Net effect of dilutive stock options based on the
treasury stock method............................... 616 990 671 1,477
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Fully diluted shares outstanding................. 39,517 39,785 39,552 38,531
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Fully diluted earnings per share........................ $ 0.92 $ 0.93 $ 2.18 $ 1.97
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(1) Fully diluted earnings per share reflect the impact of the convertible notes issued
in June 1996.