Exhibit 11
THE TORO COMPANY AND SUBSIDIARIES
Computation of Earnings per Share of Common Stock and Common Stock Equivalents
(Not Covered by Independent Auditors' Report)
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3 MONTHS
YEAR ENDED ENDED YEARS ENDED
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10/31/96 10/31/95 7/31/95 7/31/94
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Net earnings $36,409,000 $ 3,997,000 $36,667,000 $22,230,000
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Primary:
Shares of common stock and common stock equivalents:
Weighted average number of common shares outstanding 12,140,689 12,117,815 12,556,039 12,472,828
Dilutive effect of outstanding stock options (1) 414,026 424,225 476,374 509,538
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12,554,715 12,542,040 13,032,413 12,982,366
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Net earnings per share of common stock and common stock
equivalents $ 2.90 $ 0.32 $ 2.81 $ 1.71
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Fully Diluted:
Shares of common stock and common stock equivalents:
Weighted average number of common shares outstanding 12,140,689 12,117,815 12,556,039 12,472,828
Dilutive effect of outstanding stock options (2) 414,026 424,225 511,133 509,538
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12,554,715 12,542,040 13,067,172 12,982,366
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Net earnings per share of common stock and common stock
equivalents $ $2.90 $ 0.32 $ 2.81 $ 1.71
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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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