EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(in thousands except per share data)
A. Weighted average shares outstanding basis:
Fiscal year ended May 31
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1996 1995 1994
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Net income $75,183 $62,743 $52,170
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Weighted average
shares outstanding 47,099 46,891 46,706
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Earnings per share $1.596 $1.338 $1.117
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B. Primary basis:
Fiscal year ended May 31
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1996 1995 1994
------- ------- ---------
Net income $75,183 $62,743 $52,170
======= ======= =======
Weighted average
shares outstanding 47,099 46,891 46,706
Plus - net shares to be
issued upon exercise
of dilutive stock
options after applying
treasury stock method 752 773 778
--------- --------- --------
47,851 47,664 47,484
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Earnings per share $1.571 $1.316 $1.099
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C. Fully diluted basis:
Fiscal year ended May 31
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1996 1995 1994
------- ------- ---------
Net income $75,183 $62,743 $52,170
======= ======= =======
Weighted average
shares outstanding 47,099 46,891 46,706
Plus - net shares to be
issued upon exercise
of dilutive stock
options after applying
treasury stock method 905 859 838
-------- -------- --------
48,004 47,750 47,544
======== ======== ========
Earnings per share $1.566 $1.314 $1.097
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Note: Reported earnings per share for each year was based upon weighted
average shares outstanding since neither the primary nor fully diluted
amounts of per share earnings resulted in a reduction of 3% or more.