EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
LILLY INDUSTRIES, INC.
(In thousands, except per share data)
Three Months Ended Nine Months Ended
August 31 August 31 August 31 August 31
1996 1995 1996 1995
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Primary:
Average shares outstanding 22,650 22,600 22,600 22,700
Net income $ 7,012 $ 4,577 $11,114 $15,032
Net income per common share $ 0.31 $ 0.20 $ 0.49 $ 0.66
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Average shares outstanding 22,650 22,600 22,600 22,700
Dilutive stock options based
on treasury stock method
using average market
price 400 500 400 500
------- ------- ------- -------
23,050 23,100 23,000 23,200
Net income $ 7,012 $ 4,577 $11,114 $15,032
Net income per common
and common equivalent
share $ 0.30 $ 0.20 $ 0.48 $ 0.65
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Fully diluted:
Average shares outstanding 22,650 22,600 22,600 22,700
Dilutive stock options based
on the treasury stock
method using the higher
of quarter end or average
market price 450 500 450 500
------- ------- ------- -------
23,100 23,100 23,050 23,200
Net income $ 7,012 $ 4,577 $11,114 $15,032
Net income per common
and common equivalent
share $ 0.30 $ 0.20 $ 0.48 $ 0.65
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