EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
LILLY INDUSTRIES, INC.
(In thousands, except per share data)
Three Months Ended Six Months Ended
May 31 May 31 May 31 May 31
1997 1996 1997 1996
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Primary:
Average shares outstanding 22,865 22,600 22,800 22,600
Net income $ 7,401 $ 616 $12,111 $ 4,102
Net income per common share $ 0.32 $ 0.03 $ 0.53 $ 0.18
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Average shares outstanding 22,865 22,600 22,800 22,600
Dilutive stock options based
on treasury stock method
using average market
price 535 400 600 400
------- ------- ------- -------
23,400 23,000 23,400 23,000
Net income $ 7,401 $ 616 $12,111 $ 4,102
Net income per common
and common equivalent
share $ 0.32 $ 0.03 $ 0.52 $ 0.18
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Fully diluted:
Average shares outstanding 22,865 22,600 22,800 22,600
Dilutive stock options based
on the treasury stock
method using the higher
of quarter end or average
market price 535 400 600 400
------- ------- ------- -------
23,400 23,000 23,400 23,000
Net income $ 7,401 $ 616 $12,111 $ 4,102
Net income per common
and common equivalent
share $ 0.32 $ 0.03 $ 0.52 $ 0.18
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