EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
BANDAG, INCORPORATED AND SUBSIDIARIES
Year Ended December 31
1993 1992 1991
(In thousands, except per share data)
Net earnings per Common and Common
equivalent share:
Weighted average number of shares
of Common Stock, Class A Common
Stock and Class B Common Stock
outstanding. 27,226 27,617 27,732
Additional shares assuming exercise
of dilutive stock options - based
on the treasury stock method
using average market price 111 126 110
----- ----- ----
AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES 27,337 27,743 27,842
====== ====== ======
Net earnings before cumulative
effect of changes in accounting
methods $78,734 $83,023 $79,599
Cumulative effect of changes in
accounting methods, net of
related tax effect --- (220) ---
------ ------ ------
Net Earnings $78,734 $82,803 $79,599
======= ====== ======
Net earnings per Common and Common
equivalent share:
Before cumulative effect of
changes in accounting methods $2.88 $2.99 $2.86
Cumulative effect of changes in
accounting methods, net of
related tax effect --- (.01) ---
----- ----- -----
Net Earnings $2.88 $2.98 $2.86
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Net earnings per Common share -
assuming full dilution:
Average shares outstanding 27,226 27,617 27,732
Additional shares assuming
exercise of dilutive stock
options - based on the treasury
stock method using the year-end
price if higher than the average
market price 113 119 122
------ ----- ------
FULLY DILUTED AVERAGE NUMBER
OF COMMON AND COMMON
EQUIVALENT SHARES 27,339 27,736 27,854
====== ====== ======
Net earnings before cumulative
effect of changes in accounting
methods $78,734 $83,023 $79,599
Cumulative effect of changes in
accounting methods, net of
related tax effect --- (220) ---
------ ------ ------
Net earnings $78,734 $82,803 $79,599
====== ======= ======
Net earnings per Common and
Common equivalent share:
Before cumulative effect of
changes in accounting methods $2.88 $2.99 $2.86
Cumulative effect of changes in
accounting methods, net of
related tax effect --- (.01) ---
----- ------ -----
Net earnings 2.88 $2.98 $2.86
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