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,
1997 1996 1997 1996
(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 22,779 23,415 22,828 23,858
Additional shares assuming exercise
of dilutive stock options -based
on treasury stock method using
average market price 106 107 106 106
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AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES 22,885 23,522 22,934 23,964
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Net earnings $23,794 $23,945 $55,094 $59,905
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Net earnings per common and
common equivalent share $1.04 $1.02 $2.40 $2.50
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Net earnings per common share
assuming full dilution:
Weighted average shares
outstanding 22,779 23,415 22,828 23,858
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 106 107 106 106
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FULLY-DILUTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES 22,885 23,522 22,934 23,964
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Net earnings $23,794 $23,945 $55,094 $59,905
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Net earnings per common and common
equivalent share $1.04 $1.02 $2.40 $2.50
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