EXHIBIT 11
SCHOLASTIC CORPORATION
STATEMENTS OF COMPUTATION OF NET INCOME
PER CLASS A, COMMON AND CLASS A
SHARE AND COMMON SHARE EQUIVALENTS
(Amounts in millions except shares and per share data)
Three Months Ended Six Months Ended
----------------------------- ----------------------------
November 30, November 30, November 30 , November 30,
1997 1996 1997 1996
------ ------ ------ ------
(Unaudited) (Unaudited)
Net income used for primary earnings per
share $ 26.0 $ 38.5 $ 12.8 $ 24.5
Net interest savings from assumed conversion
of Convertible Subordinated Debentures 0.9 0.8 1.7 1.7
--------- ---------- ---------- ----------
Net income used for fully diluted earnings
per share $ 26.9 $ 39.3 $ 14.5 $ 26.2
========== ========== ========== =========
Primary:
Weighted average Class A and Common
Shares outstanding 16.2 15.9 16.2 15.9
Common Share equivalents arising from
outstanding options computed on the
treasury stock method 0.2 0.4 0.0 0.3
---------- ---------- ---------- -----------
Primary Class A , Common and Class A
Share and Common Share Equivalents
outstanding 16.4 16.3 16.2 16.2
Fully Diluted:
Additional dilutive effect of outstanding
options computed on the treasury stock
method 0.0 0.0 0.1 0.1
Assumed conversion of Convertible
Subordinated Debentures 1.4 1.5 1.5 1.5
---------- ---------- ---------- -----------
Fully diluted Class A, Common and Class
A Share and Common Share Equivalents
outstanding 17.8 17.8 17.8 17.8
========== ========== ========== ===========
Primary earnings per share $ 1.59 $ 2.36 $ 0.79 $ 1.51
Fully diluted earnings per share $ 1.51 $ 2.21 $ 0.79 $ 1.47