CLARCOR INC.
EXHIBIT 11 -- COMPUTATIONS OF PER SHARE EARNINGS
FOR THE FIVE YEARS ENDED NOVEMBER 30, 1994
(DOLLARS IN THOUSANDS)
FISCAL YEARS ENDED NOVEMBER 30,
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AVERAGE SHARES OUTSTANDING 1994 1993 1992 1991 1990
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1. Average Number of shares
outstanding....................... 14,813,925 14,837,741 14,972,639 14,873,282 14,843,279
2. Net additional shares resulting
from assumed exercise of stock
options*.......................... 225,599 213,725 230,202 253,518 123,549
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3. Adjusted average shares outstanding
for fully diluted computation (1
plus 2)........................... 15,039,524 15,051,466 15,202,841 15,126,800 14,966,828
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Earnings per share of common
stock:
Primary............................
$1.43 $1.16 $0.94 $1.26 $1.37
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Assuming full dilution.............
$1.41 $1.15 $0.93 $1.24 $1.36
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* Assumes proceeds from exercise of stock options used to purchase treasury
shares at the greater of the year-end or the average market price during
the period.