EXHIBIT 11
SCHOLASTIC CORPORATION
COMPUTATION OF NET INCOME PER CLASS A, COMMON AND
CLASS A SHARE AND COMMON SHARE EQUIVALENTS
YEARS ENDED MAY 31, 1996, 1995, AND 1994
(AMOUNTS IN THOUSANDS EXCEPT SHARES AND PER SHARE DATA)
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1996 1995 1994
Earnings before cumulative effect of accounting changes............. $ 31,897 $ 38,578 $ 32,929
Cumulative effect of accounting changes............................. -- -- 8,135
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NET INCOME USED FOR PRIMARY EARNINGS PER SHARE...................... 31,897 38,578 24,794
Net interest savings from assumed conversion of Convertible
Subordinated Debentures........................................... 2,978 -- --
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NET INCOME USED FOR FULLY DILUTED EARNINGS PER SHARE................ $ 34,875 $ 38,578 $ 24,794
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Primary:
Weighted average Class A and Common Shares outstanding......... 15,787,735 15,550,964 15,460,736
Common Share equivalents arising from outstanding options computed
on the treasury stock method...................................... 408,121 691,557 693,983
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PRIMARY CLASS A, COMMON AND CLASS A AND COMMON SHARE EQUIVALENTS
OUTSTANDING....................................................... 16,195,856 16,242,521 16,154,719
Fully diluted:
Additional dilutive effect of outstanding options computed on
the treasury stock method.................................... 12,169 42,989 --
Assumed conversion of Convertible Subordinated Debentures...... 1,133,012 -- --
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FULLY DILUTED CLASS A, COMMON AND CLASS A SHARE AND COMMON SHARE
EQUIVALENTS OUTSTANDING........................................... 17,341,037 16,285,510 16,154,719
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Primary earnings per share before cumulative effect of accounting
changes........................................................... $ 1.97 $ 2.38 $ 2.04
Cumulative effect of accounting changes............................. -- -- (.51)
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PRIMARY EARNINGS PER SHARE.......................................... $ 1.97 $ 2.38 $ 1.53
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Fully diluted earnings per share before cumulative effect of
accounting changes................................................ $ 2.01 $ 2.37 $ 2.04
Cumulative effect of accounting changes............................. -- -- (.51)
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FULLY DILUTED EARNINGS PER SHARE(1)................................. $ 2.01 $ 2.37 $ 1.53
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(1) Fiscal 1996 fully diluted earnings per share is antidilutive, therefore,
primary earnings per share is presented on the Consolidated Statement of
Income.