EXHIBIT 11
FIRST BRANDS CORPORATION
COMPUTATION OF NET INCOME PER COMMON SHARE
PRIMARY FULLY DILUTED
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
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1997 1996* 1997 1996*
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Components of Net Income Per Common Share:
Income before extraordinary loss................................. $50,865 $65,100 $50,865 $65,100
Extraordinary loss............................................... (633) -- (633) --
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Net income....................................................... $50,232 $65,100 $50,232 $65,100
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Average common shares issued.......................................... 43,271 22,240 43,271 22,240
Average treasury shares held.......................................... (2,499) (1,401) (2,499) (1,401)
Common shares issuable with respect to common equivalents for stock
options............................................................. 985 453 787 528
Effect of two-for-one stock split on average common and common
equivalent shares outstanding....................................... -- 21,308 -- 21,388
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Average common and common equivalent shares outstanding............... 41,757 42,600 41,559 42,755
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Earnings Per Share:
Income before extraordinary loss................................. $ 1.22 $ 1.53 $ 1.22 $ 1.52
Extraordinary loss............................................... (0.02) -- (0.02) --
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Net income............................................................ $ 1.20 $ 1.53 $ 1.20 $ 1.52
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* Share and per share amounts have been restated to reflect a two-for-one stock
split effective February 5, 1996.