EXHIBIT 11.1
STATEMENT RE: COMPUTATION OF HISTORICAL EARNINGS PER COMMON SHARE
PROFFITT'S, INC. AND SUBSIDIARIES
(in thousands, except per share amounts)
THREE MONTHS ENDED SIX MONTHS ENDED
JULY 29, JULY 30, JULY 29, JULY 30,
1995 1994 1995 1994
PRIMARY:
Average shares outstanding 10,210 9,793 10,142 9,619
Net effect of dilutive stock
options--based on the treasury
stock method using average
market price 224 131 155 140
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Total 10,434 9,924 10,297 9,759
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Net income $ 1,084 $ 811 $3,886 $1,211
Less preferred stock dividends (487) (537) (975) (718)
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Net income available to common
shareholders $ 597 $ 274 $2,911 $ 493
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Primary earnings per common share $ 0.06 $ 0.03 $ 0.28 $ 0.05
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FULLY DILUTED:
Average shares outstanding 10,210 9,793 10,142 9,619
Net effect of dilutive stock
options--based on the treasury
stock method using period-end
market price if higher than
average price 258 133 174 141
Assumed conversion of 4.75%
subordinated debenture 2,020 2,020 2,020 2,020
Assumed conversion of preferred
stock 1,422 1,545 1,422 1,033
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Total 13,910 13,491 13,758 12,813
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Income before interest adjustment $1,084 $ 811 $3,886 $1,211
Add 4.75% convertible subordinated
debenture interest, net of
federal income tax effect 625 625 1,250 1,250
------- ------ ------ ------
Adjusted net income $1,709 $1,436 $5,136 $2,461
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Fully diluted earnings per
common share $ 0.12 $ 0.11 $ 0.37 $ 0.19
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Note/For each period shown, the fully diluted earnings per common share
calculation is anti-dilutive, and therefore, no fully diluted presentation
is needed.