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EXHIBIT 11
FEDDERS CORPORATION
COMPUTATION OF PER SHARE EARNINGS
For The Nine Months Ended May 31, 1997 and The
Years Ended August 31, 1996, 1995 and 1994
(Dollar amounts in thousands, except per share data)
Nine Months
Ended May 31, Years Ended
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1997 1996 1996 1995 1994
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Average number of common and common
equivalent shares outstanding(1) 41,250 41,281 41,997 41,001 39,386
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Net income $13,905 $24,143 $31,158 $29,504 $20,989
Preferred stock dividend 2,178 -- 151 -- --
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Net income attributable to
common stockholders $11,727 24,143 31,007 29,504 20,989
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Net income per common share $0.28 $0.58 $0.74 $0.72 $0.53
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Fully diluted:
Average number of common and common
equivalent shares outstanding (1) 41,250 41,281 41,997 41,001 39,386
Additional average number of common
shares assuming the conversion of the
5% convertible subordinated
debentures due 1996(2) -- -- -- -- 388
Additional average number of class A
shares assuming the conversion of
preferred stock and conversion of
the 8.5% subordinated debentures(3) 10,045 -- 529 -- --
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Average common and common equivalent
shares outstanding 51,295 41,281 42,526 41,001 39,774
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Net income $13,905 $24,143 $31,158 $29,504 $20,989
Interest relating to the 5% convertible
subordinated debentures due 1996 net
of applicable taxes and tax credits -- -- -- -- 661
Interest related to the 8.5% convertible
subordinated debentures due 2012 net of
applicable taxes and tax credits 944 -- 63 -- --
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Net income attributable to common
stockholders assuming full dilution $14,849 $24,143 $31,221 $29,504 $21,650
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Net income per common share assuming full $0.29 $0.58 $0.73 $0.72 $0.54
dilution ======= ======= ======= ======= =======
Fully diluted income per share
excluding anti-dilutive effect of
conversion of debentures $0.29 $0.58 $0.73 $0.72 $0.53
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(1) Average number of common and common stock equivalents outstanding have been
restated to reflect Class A Stock dividend distributed in September 1994 and
June 1995.
(2) The 5% convertible subordinated debentures due in May 1996 were fully
redeemed by the Company.
(3) Average number of shares included in fully diluted calculation for fiscal
year 1996 are for the period August 13 through August 31, 1996.