EXHIBIT 11 ---------- NEWELL CO. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK (In thousands, except per share data) For the Year Ended December 31, Year-to-date --------------------------- June 30, 1998 1997* 1996* ------------ ----- ----- Basic Earnings per Share: Net income $ 237,640 $ 293,147 $ 262,713 Weighted average shares outstanding 162,440 162,173 161,858 Basic Earnings per Share $ 1.46 $ 1.81 $ 1.62 Diluted Earnings per Share: Net income $ 237,640 $ 293,147 $ 262,713 Minority interest in income of subsidiary 8,036 923 - trust, net of tax ---------- ---------- ---------- Net income, assuming conversion of all applicable securities $ 245,676 $ 294,070 $ 262,713 Weighted average shares outstanding: 162,440 162,173 161,858 Incremental common shares applicable to common stock options based on the market price during the period 703 622 423 Average common shares issuable assuming conversion of the Company-Obligated Mandatorily Redeemable Convertible Preferred Securities of a Subsidiary Trust 9,865 513 - ---------- ---------- ---------- Weighted average shares outstanding assuming full dilution 173,008 163,308 162,281 Diluted Earnings per Share, assuming conversion of all applicable securities $ 1.42 $ 1.80 $ 1.62 * Restated for the merger with Calphalon Corporation, which was accounted for as a pooling of interests. 26