CLARCOR INC.
EXHIBIT 11 -- COMPUTATIONS OF PER SHARE EARNINGS
FOR THE FIVE YEARS ENDED NOVEMBER 30, 1995
(DOLLARS IN THOUSANDS)
FISCAL YEARS ENDED NOVEMBER 30,
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AVERAGE SHARES OUTSTANDING 1995 1994 1993 1992 1991
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1. Average number of shares
outstanding......................... 14,800,872 14,813,925 14,837,741 14,972,639 14,873,282
2. Net additional shares resulting from
assumed exercise of stock
options*............................ 316,630 225,599 213,725 230,202 253,518
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3. Adjusted average shares outstanding
for fully diluted computation (1
plus 2)............................. 15,117,502 15,039,524 15,051,466 15,202,841 15,126,800
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Earnings per share of common
stock:
Primary..............................
$1.48 $1.43 $1.16 $0.94 $1.26
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Assuming full dilution...............
$1.45 $1.41 $1.15 $0.93 $1.24
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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.