EXHIBIT 11 ---------- NEWELL RUBBERMAID INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK (in thousands, except per share data) Six Months Ended June 30, 1999 1998* ---- ---- Basic Earnings (loss) per Share: Net income (loss) $(48,945) $ 300,508 Weighted average outstanding 281,639 280,547 Basic Earnings (loss) per Share (0.17) $ 1.07 Diluted Earnings per Share: Net income (loss) $(48,945) $ 300,508 Minority interest in income of subsidiary trust, net of tax N/A (1) 8,115 ------ -------- Net income, assuming conversion of all applicable securities $(48,945) $ 308,623 Weighted average shares outstanding: 281,639 280,547 Incremental common shares applicable to common stock options based on the market price during the period N/A (1) 1,273 Average common shares issuable assuming conversion of the Company-Obligated Mandatorily Redeemable Convertible Preferred Securities of a Subsidiary Trust N/A (1) 9,865 ------ -------- Weighted average shares outstanding assuming full dilution 281,639 291,685 Diluted Earnings (loss) per Share assuming conversion of all applicable securities(1) $ (0.17) $ 1.06 *Restated for the March 1999 merger with Rubbermaid Incorporated and the merger with Calphalon on May 7, 1998, both of which were accounted for as poolings of interests. (1) Diluted earnings per share for the six months ended June 30, 1999 exclude the impact of "in the money" stock options and convertible preferred securities because they are anti-dilutive.