Exhibit 11
MELVILLE CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
($ and shares in thousands, except per share data)
Second Quarter Second Quarter
Ended Ended
July 1, 1995 June 30, 1994
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PRIMARY EARNINGS PER COMMON SHARE:
Net earnings $ 31,082 $ 45,602
Less: Preferred dividends, net 4,328 4,319
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Net earnings used to calculate
primary earnings per share $ 26,754 $ 41,283
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Weighted average number of shares outstanding 104,892 105,447
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 46 103
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Weighted average number of shares used to
compute primary earnings per share 104,938 105,550
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Primary earnings per share $ 0.25 $ 0.39
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FULLY DILUTED EARNINGS PER COMMON SHARE:
Net earnings $ 31,082 $ 45,602
Less: Preferred dividends 13 13
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Net earnings used to calculate fully diluted
earnings per share, before adjustments 31,069 45,589
Less: Adjustments resulting principally from
the assumed conversion of the Series
One ESOP Convertible Preference Stock,
net of tax benefit 880 1,080
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Net earnings used to calculate fully diluted
earnings per share $ 30,189 $ 44,509
========= =========
Weighted average number of shares outstanding 104,892 105,447
Add: Weighted average shares of Series One
Convertible Preference Stock assuming
conversion 7,207 6,965
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 45 104
Add: Weighted average number of shares which
could have been issued upon conversion of
4 7/8% debentures 3 6
--------- ---------
Weighted average number of shares used to compute
fully diluted earnings per share 112,147 112,522
========= =========
Fully diluted earnings per share $ 0.27 $ 0.40
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Exhibit 11
MELVILLE CORPORATION AND SUBSIDIARY COMPANIES
COMPUTATION OF PER SHARE EARNINGS
($ and shares in thousands, except per share data)
Six Months Six Months
Ended Ended
July 1, 1995 June 30, 1994
------------ -------------
PRIMARY (LOSS)/EARNINGS PER COMMON SHARE:
Net earnings $ 4,634 $ 43,097
Less: Preferred dividends, net 8,656 8,639
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Net (loss)/earnings used to calculate
primary (loss)/earnings per share ($ 4,022) $ 34,458
========= =========
Weighted average number of shares outstanding 105,083 105,404
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 26 100
--------- ---------
Weighted average number of shares used to
compute primary (loss)/earnings per share 105,109 105,504
========= =========
Primary (loss)/earnings per share ($ 0.04) $ 0.33
========= =========
FULLY DILUTED EARNINGS PER COMMON SHARE:
Net earnings $ 4,634 $ 43,097
Less: Preferred dividends 27 27
--------- ---------
Net earnings used to calculate fully diluted
earnings per share, before adjustments 4,607 43,070
Less: Adjustments resulting principally from
the assumed conversion of the Series
One ESOP Convertible Preference Stock,
net of tax benefit 2,455 2,739
--------- ---------
Net earnings used to calculate fully diluted
earnings per share $ 2,152 $ 40,331
========= =========
Weighted average number of shares outstanding 105,083 105,404
Add: Weighted average shares of Series One
Convertible Preference Stock assuming
conversion 7,208 6,965
Add: Weighted average number of shares which
could have been issued upon exercise
of outstanding options 27 103
Add: Weighted average number of shares which
could have been issued upon conversion of
4 7/8% debentures 3 6
--------- ---------
Weighted average number of shares used to compute
fully diluted earnings per share 112,321 112,478
========= =========
Fully diluted earnings per share $ 0.02 $ 0.36
========= =========