23 EXHIBIT 11 THE ARA GROUP, INC. AND SUBSIDIARIES COMPUTATION OF FULLY DILUTED EARNINGS PER SHARE (1) (Unaudited) (In Thousands, except per share data) Three Months Ended Six Months Ended ------------------- -------------------- April 1, April 2, April 1, April 2, 1994 1993 1994 1993 ------- ------- ------- ------- Earnings: Net Income $13,007 $11,634 $29,415 $23,529 Preferred stock dividends (301) - (811) - ------- ------- ------- ------- Earnings applicable to common stock $12,706 $11,634 $28,604 $23,529 ======= ======= ======= ======= Shares: Weighted average number of common shares outstanding (2) 47,514 46,419 46,639 45,636 Impact of potential exercise opportunities under the ARA Ownership Program 3,241 4,806 3,572 5,293 ------- ------- ------- ------- Total common and common equivalent shares 50,755 51,225 50,211 50,929 ======= ======= ======= ======= Fully diluted earnings per common and common equivalent share $.25 $.23 $.57 $.46 ==== ==== ==== ==== (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.