EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS<FA>
WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES
FISCAL YEAR ENDED
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DECEMBER 28, DECEMBER 30, DECEMBER 31,
1996 1995 1994
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PRIMARY
Average shares outstanding 27,694,629 24,830,963 23,734,790
Net effect of dilutive stock options 831,416 840,740 802,295
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Total 28,526,045 25,671,702 24,537,084
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Net earnings $32,856,000 $24,067,000 $16,598,000
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Per share amount $ 1.15 $ 0.94 $ 0.67
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FULLY DILUTED
Actual shares outstanding 27,694,629 24,830,963 23,734,790
Net effect of dilutive stock options 983,223 1,024,806 860,162
Number of shares to be issued assuming
conversion of convertible notes to stock -- -- 327,302
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Total 28,677,852 25,855,769 24,922,253
Net earnings $32,856,000 $24,067,000 $16,598,000
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Interest expense on convertible notes
assuming conversion at beginning of year 78,795
Tax effect of interest expense -- -- (29,154)
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Total $32,856,000 $24,067,000 $16,647,641
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Per share amount $ 1.15 $ 0.93 $ 0.67
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<FN>
<FA> On March 10, 1994, April 19, 1995 and July 11, 1996, the Company
announced three-for-two stock splits on shares of common stock outstanding
on March 21, 1994, May 1, 1995 and July 26, 1996, respectively. All share
and per share data has been retroactively adjusted for the increased shares
resulting from these stock splits.
</FN>