EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
LILLY INDUSTRIES, INC. AND SUBSIDIARIES
(In thousands, except per share data)
Year Ended November 30
1996 1995 1994
Primary:
Average shares outstanding - -
Note A 22,600 22,677 22,660
Net Income $18,776 $20,264 $23,302
Net Income per common share - -
Note A $0.83 $0.89 $1.03
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Average shares outstanding - -
Note A 22,600 22,677 22,660
Dilutive stock options based
on treasury stock method
using average market
price - - Note A 500 409 571
------- ------- -------
23,100 23,086 23,231
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Net Income $18,776 $20,264 $23,302
Net Income per common
and common equivalent
share - - Note A $0.81 $0.88 $1.00
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Fully diluted:
Average shares outstanding - -
Note A 22,600 22,677 22,660
Dilutive stock options based
on treasury stock method
using the higher of year end,
quarter end or average market
price - - Note A 600 423 590
------- ------- -------
23,200 23,100 23,250
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Net Income $18,776 $20,264 $23,302
Net Income per common
and common equivalent
share - - Note A $.81 $0.88 $1.00
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Note A - - Amounts have been adjusted to recognize the effect of all stock
splits and stock dividends through November 30, 1996.