11 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 Nine Months Ended ---------------------------- ----------------------------- July 1, July 2, July 1, July 2, 1994 1993 1994 1993 ------- ------- ------- ------- Earnings: Net Income $24,603 $21,378 $54,018 $44,907 Preferred stock dividends (266) (366) (1,077) (366) ------- ------- ------- ------- Earnings applicable to common stock $24,337 $21,012 $52,941 $44,541 ======= ======= ======= ======= Shares: Weighted average number of common shares outstanding (2) 47,444 45,927 46,727 45,732 Impact of potential exercise opportunities under the ARA Ownership Program 3,131 3,941 3,476 5,187 ------ ------ ------ ------ Total common and common equivalent shares 50,575 49,868 50,203 50,919 ====== ====== ====== ====== Fully diluted earnings per common and common equivalent share $.48 $.42 $1.05 $.87 ==== ==== ===== ==== (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.