EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS<FA>
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
FISCAL YEAR ENDED
DECEMBER 30, DECEMBER 31, JANUARY 1,
1995 1994 1994
PRIMARY
Average shares outstanding 16,553,975 15,823,193 15,217,007
Net effect of dilutive stock options 560,493 534,863 499,730
Total 17,114,468 16,358,056 15,716,736
Net earnings $24,067,000 $16,598,000 $11,492,000
Per share amount $ 1.41 $ 1.01 $ 0.73
FULLY DILUTED
Actual shares outstanding 16,553,975 15,823,193 15,217,007
Net effect of dilutive stock options 683,204 573,441 591,912
Number of shares to be issued
assuming conversion of
convertible notes to stock 218,201 450,000
Total 17,237,179 16,614,835 16,258,919
Net earnings $24,067,000 $16,598,000 $11,492,000
Interest expense on convertible
notes assuming conversion at
beginning of year 78,795 162,500
Tax effect of interest expense (29,154) (58,500)
Total $24,067,000 $16,647,641 $11,596,000
Per share amount $ 1.40 $ 1.00 $ 0.71
<FN>
<FA> On March 10, 1994, and April 19, 1995, the Company announced three-for-two stock splits on
shares of common stock outstanding on March 21, 1994, and May 1, 1995, respectively. All
shares and per share data have been retroactively adjusted for the increased shares resulting
from the stock splits.
</FN>