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Item 6. TIFFANY & CO. AND SUBSIDIARIES
EXHIBIT 11 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
(Unaudited)
(in thousands, except per share data)
Three Months Ended
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April 30, April 30,
1994 1993
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PRIMARY EARNINGS PER SHARE:
Net income on which primary
earnings per share are based $ 1,876 $ 1,037
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Weighted average number of
common shares 15,663 15,623
Add:
Weighted average effect of the
exercise of stock options 140 132
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Weighted average number of shares on
which primary earnings are based 15,803 15,755
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Primary net income per common share $ 0.12 $ 0.07
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FULLY DILUTED EARNINGS PER SHARE:
Net income on which primary earnings
per share are based $ 1,876 $ 1,037
Add:
Interest and fees on convertible
subordinated debt, net of
applicable income taxes 467 461
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Net income on which fully diluted
earnings per share are based $ 2,343 $ 1,498
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Weighted average number of common
shares used in calculating
fully diluted earnings per share 15,803 15,755
Shares assumed upon conversion
of convertible debt, using the
"if converted" method 893 893
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Weighted average number of shares
used in calculating fully diluted
earnings per share 16,696 16,648
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Fully diluted net income per common share $ 0.12 $ 0.07
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NOTE: In anticipation of the 6 3/8% Convertible Subordinated Debenture's
dilutive effect in the fourth quarter, fully diluted earnings per share
reflects the weighted average number of common shares outstanding under
the "if converted" method which assumes conversion as of the bond
issuance date of the Debentures. Since the "if converted" method had no
effect on fully diluted earnings per share (anti-dilutive) for the three
months ending April 30, 1994 and 1993, primary earnings per share was
used for financial statement presentation purposes.
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