EXHIBIT 11
ZALE CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Common Share
(amounts in thousands except per share amounts)
YEAR ENDED JULY 31,
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1996 1995 1994
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Primary:
Net earnings applicable to common stock $43,898 $31,470 $21,557
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Shares
Weighted average number of common shares
outstanding 35,068 34,969 34,965
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 648 382 - - -
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 749 498 - - -
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Weighted average number of common shares
outstanding as adjusted 36,465 35,849 34,965
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Net earnings per common share $ 1.20 $ 0.88 $ 0.62
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Fully Diluted:
Net earnings applicable to common stock $43,898 31,470 $21,557
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Shares
Weighted average number of common shares
outstanding 35,068 34,969 34,965
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 720 559 - - -
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 830 1,037 -
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Weighted average number of common shares
outstanding as adjusted 36,618 36,565 34,965
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Net earnings per common share $ 1.20 $ 0.86 $ 0.62
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