MELVILLE CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE
($ and shares in thousands, except per share data)
Exhibit 11
Three Months Ended Three Months Ended
June 30, June 30,
1994 1993
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PRIMARY EARNINGS PER COMMON SHARE:
Net earnings $45,602 $74,525
Less: Preferred dividends, net 4,319 3,915
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Net earnings used to calculate
primary earnings per share $41,283 $70,610
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Weighted average number of shares outstanding 105,447 104,994
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 103 275
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Weighted average number of shares used to
compute primary earnings per share 105,550 105,269
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Primary earnings per share $0.39 $0.67
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FULLY DILUTED EARNINGS PER COMMON SHARE:
Net earnings $45,602 $74,525
Less: Preferred dividends 13 13
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Net earnings used to calculate fully diluted
earnings per share, before adjustments 45,589 74,512
Less: Adjustments resulting principally from the
assumed conversion of the Series One ESOP
Convertible Preference Stock, net of tax benefit 1,080 184
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Net earnings used to calculate fully diluted
earnings per share $44,509 $74,328
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Weighted average number of shares used to
compute primary earnings per share 105,447 104,994
Add: Weighted average shares of Series One
Convertible Preference Stock assuming
conversion 6,965 6,734
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 104 277
Add: Weighted average number of shares which
could have been issued upon conversion of
4 7/8% debentures 6 6
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Weighted average number of shares used to compute
fully diluted earnings per share 112,522 112,011
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Fully diluted earnings per share $0.40 $0.66
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MELVILLE CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE
($ and shares in thousands, except per share data)
Exhibit 11
Six Months Ended Six Months Ended
June 30, June 30,
1994 1993
---- ----
PRIMARY EARNINGS PER COMMON SHARE:
Net earnings $43,097 $52,839
Less: Preferred dividends, net 8,639 7,830
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Net earnings used to calculate
primary earnings per share $34,458 $45,009
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Weighted average number of shares outstanding 105,404 104,888
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 100 360
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Weighted average number of shares used to
compute primary earnings per share 105,504 105,248
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Primary earnings per share $0.33 $0.43
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FULLY DILUTED EARNINGS PER COMMON SHARE:
Net earnings $43,097 $52,839
Less: Preferred dividends 27 26
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Net earnings used to calculate fully diluted
earnings per share, before adjustments 43,070 52,813
Less: Adjustments resulting principally from the
assumed conversion of the Series One ESOP
Convertible Preference Stock, net of tax benefit 2,739 1,237
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Net earnings used to calculate fully diluted
earnings per share $40,331 $51,576
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Weighted average number of shares used to
compute primary earnings per share 105,404 104,888
Add: Weighted average shares of Series One
Convertible Preference Stock assuming
conversion 6,965 6,734
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 103 361
Add: Weighted average number of shares which
could have been issued upon conversion of
4 7/8% debentures 6 6
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Weighted average number of shares used to compute
fully diluted earnings per share 112,478 111,989
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Fully diluted earnings per share $0.36 $0.46
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