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Grey Advertising Inc. and Consolidated Subsidiary Companies
Exhibit - Statement Re: Computation of Net Income Per Common Share (unaudited)
For the three months ended March 31,
1994 1993
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PRIMARY
Average shares
outstanding(1) 1,268,090 1,247,300
Net effect of dilutive stock
options - based on the treasury
stock method using average
market price 18,232 12,173
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TOTAL 1,286,322 1,259,473
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Net Income $3,210,000 $3,227,000
Less: Effect of dividend
requirements and the
change in the redemption
value of redeemable
preferred stock (145,000) (29,000)
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NET EARNINGS USED IN COMPUTATION 3,065,000 3,198,000
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Per share amount $2.38 $2.54
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FULLY DILUTED
Average shares outstanding(1) 1,268,090 1,247,300
Net effect of dilutive stock
options - based on the treasury
stock method using the period-
end market price, if higher
than the average market price 19,214 17,089
Assumed conversion of 8.5%
convertible subordinated
debentures issued
December 1983 50,999 51,000
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TOTAL 1,338,303 1,315,389
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Net Income $3,210,000 $3,227,000
Less: Effect of dividend
requirements and the change
in the redemption
value of redeemable
preferred stock (145,000) (29,000)
Add: 8.5% convertible subordinated
debentures interest, net of
income tax effect 35,000 35,000
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NET EARNINGS USED IN COMPUTATION 3,100,000 3,233,000
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Per share amount $2.32 $2.46
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(1) Includes 27,273 shares and 8,628 shares for 1994 and 1993, respectively,
expected to be issued pursuant to the terms of the Senior Management
Incentive Plan
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