Exhibit 11
Statement Regarding Computation of Per Share Earnings
Wolverine World Wide, Inc. and Subsidiaries
Fiscal year ended
January 1, 1994 January 2, 1993 December 28, 1991
Primary, as reported
Average shares outstanding 6,763,114 6,627,436 6,549,131
Net effect of dilutive stock options--based on the
treasury stock method using average market price 222,102 (A) (A)
6,985,216 6,627,436 6,549,131
Net earnings (loss) $11,492,000 $(10,941,000) $3,250,000
Per share amount $ 1.65 $ (1.65) $ 0.50
Primary, including dilutive stock options in all years
Average shares outstanding 6,763,114 6,627,436 6,549,131
Net effect of dilutive stock options--based
on the treasury stock method using
average market price 222,102 41,625 38,681
6,985,216 6,669,061 6,587,812
Net earnings (loss) $11,492,000 $(10,941,000) $3,250,000
Per share amount $1.65 $(1.64) $0.49
Fully diluted
Average shares outstanding 6,763,114 6,627,436 6,549,131
Net effect of dilutive stock options--based on the
treasury stock method using the year-end market
price, if higher than the average market price 263,072 156,542 63,773
Assumed conversion of 6.5% convertible
subordinated notes 200,000 200,000 __________
7,226,186 6,983,978 6,612,904
Net earnings (loss) $11,492,000 $(10,941,000) $3,250,000
Add 6.5% convertible subordinated
debentures interest, net of income tax effect 104,000 104,000 __________
$11,596,000 $(10,837,000) $3,250,000
Per share amount $1.60 $(1.55) $0.49
<FN>
(A) The net effect of dilutive stock options in fiscal 1992 and fiscal 1991 are not included in the
computation of earnings per share since they were less than 3% dilutive.
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