Exhibit 11
THE TORO COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE (UNAUDITED)
(DOLLARS IN THOUSANDS, EXCEPT PER-SHARE DATA)
Three Months Ended Six Months Ended
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May 3, April 28, May 3, April 28,
1996 1995 1996 1995
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Net earnings . . . . . . . . . . . . . . . . . . . . . $ 16,820 $ 17,539 $ 25,318 $ 24,338
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Primary:
Shares of common stock and common
stock equivalents:
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . . . . . 12,222,437 12,770,376 12,220,874 12,759,817
Dilutive effect of outstanding
stock options (1) . . . . . . . . . . . . . . . 429,796 504,457 437,539 515,562
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12,652,233 13,274,833 12,658,413 13,275,379
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Net earnings per share of common stock
and common stock equivalent . . . . . . . . . . $ 1.33 $ 1.32 $ 2.00 $ 1.83
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Fully Diluted:
Shares of common stock and common
stock equivalents:
Weighted average number of common shares
outstanding . . . . . . . . . . . . . . . . . . 12,222,437 12,770,376 12,220,874 12,759,817
Dilutive effect of outstanding
stock options (2) . . . . . . . . . . . . . . . 429,796 505,169 445,315 523,338
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12,652,233 13,275,545 12,666,189 13,283,155
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Net earnings per share of common stock
and common stock equivalent . . . . . . . . . . $ 1.33 $ 1.32 $ 2.00 $ 1.83
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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 period-end market price of
the company's stock during each period.
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