EXHIBIT 11
HARLEY-DAVIDSON, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING NO DILUTION
(Unaudited)
(In thousands, except per share amounts)
Year Ended December 31,
1996 1995 1994
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COMPUTATION OF NET INCOME
Income from continuing operations $143,409 $111,050 $ 96,221
Income from discontinued operations 22,619 1,430 8,051
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Net income used in computing earnings
per common share assuming no dilution $166,028 $112,480 $104,272
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Weighted average common shares outstanding
and shares used in computing earnings
per common share assuming no dilution 75,457 75,085 76,198
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Earnings per common share assuming no dilution:
Income from continuing operations $1.90 $1.48 $1.26
Income from discontinued operations .30 .02 .11
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Net income $2.20 $1.50 $1.37
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HARLEY-DAVIDSON, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING FULL DILUTION
(Unaudited)
(In thousands, except per share amounts)
Year Ended December 31,
1996 1995 1994
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COMPUTATION OF NET INCOME
Income from continuing operations $143,409 $111,050 $ 96,221
Income from discontinued operations 22,619 1,430 8,051
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Net income used in computing earnings per
common share assuming full dilution $166,028 $112,480 $104,272
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COMPUTATION OF SHARES
Weighted average common shares outstanding 75,457 75,085 76,198
Incremental shares created assuming exercise
at the beginning of the period of stock
options outstanding at the end of the
period using period-end market price when
higher than average 1,242 1,017 1,025
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Shares used in computing earnings per common
share assuming full dilution 76,699 76,102 77,223
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Earnings per common share assuming full dilution:
Income from continuing operations $1.87 $1.46 $1.25
Income from discontinued operations .29 .02 .10
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Net income $2.16 $1.48 $1.35
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