EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
LILLY INDUSTRIES, INC.
(In thousands, except per share data)
Three Months Ended
February 29 February 28
1996 1995
Primary:
Average shares outstanding--
Note A 22,530 22,700
Net income $ 3,486 $ 4,647
Net income per common share--
Note A $ 0.15 $ 0.20
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Average shares outstanding--
Note A 22,530 22,700
Dilutive stock options based
on treasury stock method
using average market
price--Note A 370 600
------- -------
22,900 23,300
Net income $ 3,486 $ 4,647
Net income per common
and common equivalent
share--Note A $ 0.15 $ 0.20
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Fully diluted:
Average shares outstanding--
Note A 22,530 22,700
Dilutive stock options based
on the treasury stock
method using the higher
of quarter end or average
market price--Note A 370 600
------- -------
22,900 23,300
Net income $ 3,486 $ 4,647
Net income per common
and common equivalent
share--Note A $ 0.15 $ 0.20
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Note A--Share and per share amounts have been adjusted to reflect the
three-for-two stock split distributed June 1, 1994.