Years Ended
October 29, October 30, October 31,
1995 1994 1993
---------- ---------- ----------
Earnings per Common Share - Primary
Average shares outstanding 41,405,428 41,042,134 39,868,386
Net effect of dilutive stock options-based on the treasury
stock method using average market price 113,688 256,927 529,520
---------- ---------- ----------
Totals 41,519,116 41,299,061 40,397,906
========== ========== ==========
Income from continuing operations before extraordinary charge
and cumulative effect of change in accounting principle $ 11,202,369 $ 52,317,557 $ 46,803,458
Income from discontinued operations 8,136,588 10,276,649 11,206,520
Income from gain on sale of discontinued operations 5,532,748
Extraordinary charge on early extinguishment of debt (1,037,808)
Cumulative effect of change in accounting for income taxes 4,468,386
---------- ---------- ----------
Net income $ 24,871,705 $ 66,024,784 $ 58,009,978
========== ========== ==========
Per share amount:
Income from continuing operations before extraordinary charge
and cumulative effect of change in accounting principle $ .27 $ 1.27 $ 1.16
Income from discontinued operations .20 .25 .28
Income from gain on sale of discontinued operations .13
Extraordinary charge on early extinguishment of debt (.03)
Cumulative effect of change in accounting for income taxes .11
---------- ---------- ----------
Net income $ .60 $ 1.60 $ 1.44
========== ========== ==========
Earnings per Common Share - Fully diluted:
Average shares outstanding 41,405,428 41,042,134 39,868,386
Net effect of dilutive stock options-based on the treasury
stock method using the quarter-end market price, if higher
than average market price 113,688 264,408 551,553
Assumed conversion of 8.5% zero coupon convertible debentures (A) 5,213,456 5,224,513
---------- ---------- ----------
Totals 41,519,116 46,519,998 45,644,452
========== ========== ==========
Income from continuing operations before extraordinary charge
and cumulative effect of change in accounting principle $ 11,202,369 $ 52,317,557 $ 46,803,458
Add 8.5% zero coupon convertible debentures interest, net of
income tax (A) 4,110,057 3,762,551
Total from continuing operations before extraordinary charge ---------- ---------- ----------
and cumulative effect of change in accounting principle 11,202,369 56,427,614 50,566,009
Income from discontinued operations 8,136,588 10,276,649 11,206,520
Income from gain on sale of discontinued operations 5,532,748
Extraordinary charge on early extinguishment of debt (1,037,808)
Cumulative effect of change in accounting for income taxes 4,468,386
---------- ---------- ----------
Net income $ 24,871,705 $ 70,134,841 $ 61,772,529
========== ========== ==========
Per share amount:
Income from continuing operations before extraordinary charge
and cumulative effect of change in accounting principle $ .27 $ 1.21 $ 1.11
Income from discontinued operations .20 .22 .25
Income from gain on sale of discontinued operations .13
Extraordinary charge on early extinguishment of debt (.02)
Cumulative effect of change in accounting for income taxes .10
---------- ---------- ----------
Net income $ .60 $ 1.51 $ 1.35
========== ========== ==========
(A) For the fiscal year 1995, both primary and fully diluted earnings per share utilized average shares
outstanding and common stock equivalents. No consideration was given to the convertible debentures
since they were not considered dilutive.