Exhibit 11 THE TORO COMPANY AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON SHARE (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended --------------------------- January 31, February 2, 1997 1996 ------------ ------------ Net earnings . . . . . . . . . . . . . . . . . . . . . . . $ 2,491 $ 8,498 ------------ ------------ Primary: Shares of common stock and common stock equivalents: Weighted average number of common shares outstanding . . . . . . . . . . . . . . . . . . . 12,085,519 12,219,360 Dilutive effect of outstanding stock options (1) . . . . . . . . . . . . . . . . 376,581 442,857 ------------ ------------ 12,462,100 12,662,217 ------------ ------------ Net earnings per share of common stock and common stock equivalent . . . . . . . . . . . . $ 0.20 $ 0.67 ------------ ------------ 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.