EXHIBIT 11 ---------- NEWELL RUBBERMAID INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK (IN THOUSANDS, EXCEPT PER SHARE DATA) Nine Months Ended September 30, 1999 1998* ---- ---- Basic Earnings per Share: Net income $ 23,792 $417,910 Weighted average outstanding 281,738 280,608 Basic Earnings per Share $ 0.08 $ 1.49 Diluted Earnings per Share: Net income $ 23,792 $417,910 Minority interest in income of subsidiary trust, net of tax N/A (1) 12,190 --------- -------- Net income, assuming conversion of all applicable securities $ 23,792 $ 430,100 Weighted average shares outstanding: 281,738 280,608 Incremental common shares applicable to common stock options based on the market price during the period N/A (1) 1,255 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 281,738 291,728 Diluted Earnings per Share assuming conversion of all applicable securities $ 0.08 (1) $ 1.47 *Restated for the March 1999 merger with Rubbermaid Incorporated and the May 1998 merger with Calphalon, both of which were accounted for as poolings of interests. (1) Diluted earnings per share for the nine months ended September 30, 1999 exclude the impact of "IN-THE-MONEY" stock options and convertible preferred securities because they are anti-dilutive. 54