Exhibit 11
THE TORO COMPANY AND SUBSIDIARIES
Computation of Earnings per Share of Common Stock and Common Stock Equivalent
(Not Covered by Independent Auditors' Report)
Year Ended July 31,
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1995 1994 1993
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Net earnings $36,667,000 $22,230,000 $13,040,000
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Primary:
Shares of common stock and
common stock equivalents:
Weighted average number of
common shares outstanding 12,566,039 12,472,828 12,135,399
Dilutive effect of outstanding
stock options (1) 476,374 509,538 248,672
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13,032,413 12,982,366 12,384,071
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Net earnings per share of common
stock and common stock equivalent $ 2.81 $ 1.71 $ 1.05
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Fully Diluted:
Shares of common stock and common
stock equivalents:
Weighted average number of
common shares outstanding 12,556,039 12,472,828 12,135,399
Dilutive effect of outstanding
stock options (2) 511,133 509,538 395,274
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13,067,172 12,982,366 12,530,673
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Net earnings per share of common
stock and common stock equivalent $ 2.81 $ 1.71 $ 1.04
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(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.
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