BANDAG, INCORPORATED AND SUBSIDIARIES
Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
For The Three For the Nine
Months Ended Months Ended
September 30, September 30,
1995 1994 1995 1994
(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 25,043 26,556 25,591 26,800
Additional shares assuming
exercise of dilutive stock
options - based on treasury
stock method using average
market price 120 109 120 110
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AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES 25,163 26,665 25,711 26,910
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Net earnings $27,050 $29,352 $71,539 $66,428
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Net earnings per common and common
equivalent share $1.07 $1.11 $2.78 $2.47
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Net earnings per common share
assuming full dilution:
Weighted average shares
outstanding 25,043 26,556 25,591 26,800
Additional shares assuming
exercise of dilutive stock
options-based on the treasury
stock method using the month-end
price if higher than the average
market price 120 109 120 110
------ ----- ------ ------
FULLY-DILUTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES 25,163 26,665 25,711 26,910
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Net earnings $27,050 $29,352 $71,539 $66,428
====== ====== ====== ======
Net earnings per common and common
equivalent share $1.07 $1.11 $2.78 $2.47
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