EXHIBIT 11
SCHOLASTIC CORPORATION
COMPUTATION OF NET INCOME (LOSS) PER CLASS A, COMMON AND CLASS A
SHARE AND COMMON SHARE EQUIVALENTS
(Amounts in thousands except shares and per share data)
Three Months Ended Nine Months Ended
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February 28, February 29, February 28, February 29,
1997 1996 1997 1996
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(Unaudited) (Unaudited)
Net income (loss) used for primary
earnings per share $ (12,538) $ 8,889 $ 11,941 $ 30,219
Net interest savings from assumed conversion
of Convertible Subordinated Debentures 0 853 2,558 1,847
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Net income (loss) used for fully diluted
earnings per share $ (12,538) $ 9,742 $ 14,499 $ 32,066
========== ========== ========== ==========
Primary:
Weighted average Class A and Common
Shares outstanding 16,088,377 15,830,313 15,972,576 15,765,778
Common Share equivalents arising from
outstanding options computed on the
treasury stock method 0 440,650 513,928 376,722
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Primary Class A, Common and Class A
Share and Common Share Equivalents
outstanding 16,088,377 16,270,963 16,486,505 16,142,500
Fully Diluted:
Additional dilutive effect of outstanding
options computed on the treasury stock
method 0 0 0 47,359
Assumed conversion of Convertible
Subordinated Debentures 0 1,431,174 1,452,045 1,033,625
---------- ---------- ---------- ----------
Fully diluted Class A, Common and Class
A Share and Common Share Equivalents
outstanding 16,088,377 17,702,137 17,938,550 17,223,484
========== ========== ========== ==========
Primary earnings (loss) per share $ (0.78) $ 0.55 $ 0.72 $ 1.87
Fully diluted earnings (loss) per share $ (0.78) $ 0.55 $ 0.72 $ 1.86