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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 Nine Months Ended
--------------------------- --------------------------
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1994 1993 1994 1993
------- -------- -------- ---------
PRIMARY EARNINGS PER SHARE:
Net income/(loss) on which primary
earnings per share are based $ 4,720 $ 3,255 $ 10,046 $(28,258)
======== ======== ======== ========
Weighted average number of shares on
which primary earnings are based 15,962 15,797 15,876 15,775
======== ======== ======== ========
Primary net income/(loss) per
common share $ 0.30 $ 0.21 $ 0.63 $ (1.79)
======== ======== ======== ========
FULLY DILUTED EARNINGS PER SHARE:
Net income/(loss) on which primary
earnings per share are based $ 4,720 $ 3,255 $ 10,046 $(28,258)
Add:
Interest and fees on convertible
subordinated debt, net of
applicable income taxes 428 461 1,416 1,383
-------- -------- -------- --------
Net income/(loss) on which fully diluted
earnings per share are based $ 5,148 $ 3,716 $ 11,462 $(26,875)
======== ======== ======== ========
Weighted average number of common
shares used in calculating
fully diluted earnings per share 15,991 15,808 15,980 15,796
Shares assumed issued upon conversion
of convertible debt, using
"if converted" method 893 893 893 893
--------- -------- -------- --------
Weighted average number of shares
used in calculating fully diluted
earnings per share 16,884 16,701 16,873 16,689
========= ======== ======== ========
Fully diluted net income/(loss) per
common share $ 0.30 $ 0.21 $ 0.63 $ (1.79)
========= ======== ======== ========
NOTE: In anticipation of the 6 3/8% Convertible Subordinated Debenture's
dilutive effect in the fourth quarter, fully diluted earnings per share
reflect 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
the effect of increasing fully diluted earnings per share
(anti-dilutive) for the three and nine months ending October 31, 1994,
primary earnings per share was used for financial statement presentation
purposes.
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