Exhibit 11
THE TORO COMPANY AND SUBSIDIARIES
Computation of Earnings (Loss) per Share of Common Stock and
Common Stock Equivalent
(Not Covered by Independent Auditors' Report)
Year Ended July 31,
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1994 1993 1992
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Net earnings (loss) $22,230,000 $13,040,000 $(23,753,000)
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Primary:
Shares of common stock and common
stock equivalents:
Weighted average number of
common shares outstanding 12,472,828 12,135,399 11,982,103
Dilutive effect of outstanding
stock options (1), (3) 509,538 248,672 -
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12,982,366 12,384,071 11,982,103
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Net earnings (loss) per share of common
stock and common stock equivalent $ 1.71 $ 1.05 $ (1.98)
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Fully Diluted:
Shares of common stock and common
stock equivalents:
Weighted average number of
common shares outstanding 12,472,828 12,135,399 11,982,103
Dilutive effect of outstanding
stock options (2), (3) 509,538 395,274 -
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12,982,366 12,530,673 11,982,103
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Net earnings (loss) per share of common
stock and common stock equivalent $ 1.71 $ 1.04 $ (1.98)
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<FN>
(1) Outstanding stock options and options exercised in the current period are
converted to common stock 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 stock equivalents by the treasury stock method using
the greater of the average market price or the year-end market price of the
company's shares during each period.
(3) Loss per share calculations for fiscal 1992 are based on the weighted
average number of shares of common stock outstanding excluding common stock
equivalents due to their anti-dilutive affect.