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GREY ADVERTISING INC. AND CONSOLIDATED SUBSIDIARY COMPANIES
EXHIBIT - STATEMENT RE: COMPUTATION OF NET INCOME PER COMMON SHARE (UNAUDITED)
EXHIBIT 11
For the Three Months Ended March 31,
1995 1994
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PRIMARY
Weighted average shares outstanding(1) 1,300,109 1,268,090
Net effect of dilutive stock options -
based on the treasury stock method
using average market price 21,013 18,232
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TOTAL 1,321,122 1,286,322
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Net Income $ 3,692,000 $ 3,210,000
Less: Effect of dividend requirements
and the increase (decrease) in
redemption value of redeemable
preferred stock (286,000) (145,000)
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NET EARNINGS USED IN COMPUTATION $ 3,406,000 $ 3,065,000
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Per share amount $ 2.58 $ 2.38
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FULLY DILUTED
Weighted average shares outstanding(1) 1,300,109 1,268,090
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 24,108 19,214
Assumed conversion of 8.5% convertible
subordinated debentures issued December 1983 51,000 50,999
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TOTAL 1,375,217 1,338,303
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Net Income $ 3,692,000 $ 3,210,000
Less: Effect of dividend requirements
and the increase (decrease) in
redemption value of redeemable
preferred stock (286,000) (145,000)
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 $ 3,441,000 $ 3,100,000
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Per share amount $ 2.50 $ 2.32
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(1) Includes 54,287 shares and 27,273 shares for 1995 and 1994, respectively,
expected to be issued pursuant to the terms of the Senior Management
Incentive Plan
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