EXHIBIT 11
DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF NET INCOME PER SHARE
For the Five Years Ended October 31, 1993
(All amounts other than per share data are stated in thousands)
Year Ended October 31
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1993 1992 1991 1990 1989
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1. Net income (loss) . . . . . . . . . . . $(920,860) $ 37,426 $(20,191) $411,068 $380,248
2. Adjustment - Interest expense,
after income tax benefit, applicable
to convertible debentures
outstanding . . . . . . . . . . . . . 60 67 91 174 261
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3. Net income (loss) applicable to common
stock - before interest applicable
to convertible debentures . . . . . . $(920,800) $ 37,493 $(20,100) $411,242 $380,509
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PRIMARY NET INCOME PER COMMON SHARE:
Shares:
4. Weighted average number of common
shares outstanding. . . . . . . . . 77,291 76,274 76,164 75,883 75,167
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5. Incremental shares:
Dilutive common stock options . . . 1,000 147 271 210 565
Dilutive stock appreciation
rights. . . . . . . . . . . . . . 22 11 11 37 38
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Total incremental shares. . . . . 1,022 158 282 247 603
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6. Primary net income (loss) per common
share (1 divided by 4). . . . . . . . $ (11.91)* $ .49* $ (.27)* $ 5.42* $ 5.06*
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FULLY DILUTED NET INCOME PER COMMON SHARE:
Shares:
7. Weighted average number of common
shares outstanding. . . . . . . . . 77,291 76,274 76,164 75,883 75,167
8. Incremental shares:
Dilutive common stock options . . . 1,126 147 322 210 584
Dilutive stock appreciation
rights. . . . . . . . . . . . . . 42 15 16 40 45
9. Common equivalent shares from
assumed conversion of
convertible debentures:
5-1/2% debentures due 2001. . . . 50 54 59 136 168
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10. Total . . . . . . . . . . . . . . 78,509 76,490 76,561 76,269 75,964
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11. Fully diluted net income (loss) per
common share (3 divided by 10). . . . $ (11.91)* $ .49* $ (.27)* $ 5.42* $ 5.06*
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<FN>
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* Net income per common share outstanding was used in the designated
calculations since the dilutive effect of common stock options, stock
appreciation rights and assumed conversion of convertible debentures was
either immaterial or antidilutive.
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