12 EXHIBIT 11 THE ARA GROUP, INC. AND SUBSIDIARIES COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE (Unaudited) (In thousands, except per share data) Three Months Ended ------------------------- December 31, January 1, 1993 1993 ------------ ---------- Earnings: Net Income $16,408 $11,895 Preferred stock dividends (511) - ------- ------- Earnings applicable to common stock $15,897 $11,895 ======= ======= Shares: Weighted average number of common shares outstanding (2) 45,758 44,851 Impact of potential exercise opportunities under the ARA Ownership Plan 3,828 5,687 ------- ------- Total common and common equivalent shares 49,586 50,538 ======= ======= Fully diluted earnings per common share (1) $.32 $.24 ==== ==== (1) Primary and fully diluted earnings per share are approximately the same. (2) Includes Class B plus Class A Common Shares stated on a Class B Common Share Equivalent Basis.