STARBUCKS CORPORATION
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EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Ended Six Months Ended
March 31, April 2, March 31, April 2,
1996 1995 1996 1995
(13 Weeks) (13 Weeks) (26 Weeks) (26 Weeks)
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EARNINGS PER SHARE CALCULATION:
Net earnings $10,391 $5,130 $19,957 $13,751
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Weighted average shares outstanding calculation:
Weighted average number of
common shares outstanding 71,257 70,351 71,186 67,187
Dilutive effect of outstanding
common stock options 3,172 1,974 3,214 2,219
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Weighted average shares
outstanding 74,429 72,325 74,400 69,406
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Earnings per share $ 0.14 $ 0.07 $ 0.27 $ 0.20
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EARNINGS PER SHARE CALCULATION
ASSUMING CONVERSION OF CONVERTIBLE
SUBORDINATED DEBENTURES(1):
Net earnings calculation:
Net earnings $ 10,391 $ 5,130 $ 19,957 $ 13,751
Add after tax interest
expense on Debentures 1,615 546 2,994 1,093
Add after tax amortization
of issuance costs related
to the Debentures 128 39 226 79
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Net earnings assuming
conversion of Debentures $ 12,134 $ 5,715 $ 23,177 $ 14,923
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Weighted average shares outstanding calculation:
Weighted average number of
common shares outstanding 71,257 70,351 71,186 67,187
Dilutive effect of outstanding
common stock options 3,172 1,974 3,214 2,219
Assuming conversion of 4.5%
Convertible Subordinated
Debentures due 2003 5,331 5,367 5,340 5,367
Assuming conversion of 4.25%
Convertible Subordinated
Debentures due 2002 7,098 0 6,240 0
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Weighted average
shares outstanding 86,858 77,692 85,980 74,773
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Earnings per share $ 0.14 $ 0.07 $ 0.27 $ 0.20
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(1) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
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