Exhibit 11
THE TORO COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER COMMON SHARE (UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER-SHARE DATA)
Three Months Ended Nine Months Ended
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April 29, April 30, April 29, April 30,
1994 1993 1994 1993
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Net earnings . . . . . . . . . . . . . . . . . . . . . . . $ 15,637 $ 12,742 $ 18,219 $ 10,422
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Primary:
Shares for common and common share
equivalent net earnings per share:
Weighted average number of common
shares outstanding . . . . . . . . . . . . . . . . 12,564,692 12,185,120 12,434,277 12,093,899
Dilutive effect of outstanding
stock options (1). . . . . . . . . . . . . . . . . 544,903 406,921 543,553 218,013
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13,109,595 12,592,041 12,977,830 12,311,912
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Net earnings per common and
common share equivalent. . . . . . . . . . . . . . $ 1.19 $ 1.01 $ 1.40 $ 0.85
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Fully Diluted:
Shares for common and common share
equivalent net earnings per share:
Weighted average number of common
shares outstanding. . . . . . . . . . . . . . . . . 12,564,692 12,185,120 12,434,277 12,093,899
Dilutive effect of outstanding
stock options (2). . . . . . . . . . . . . . . . . 544,903 406,921 561,648 409,761
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13,109,595 12,592,041 12,995,925 12,503,660
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Net earnings per common and
common share equivalent. . . . . . . . . . . . . . $ 1.19 $ 1.01 $ 1.40 $ 0.83
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<FN>
1) Outstanding stock options and options exercised in the current period
are converted to common share equivalents by the treasury stock method
using the average market price of the Company's stock during each
period.
2) Outstanding stock options and options exercised in the current period
are converted to common share equivalents by the treasury stock method
using the greater of the average market price or the period-end market
price of the Company's stock during each period.
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