1
Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Nine Months Ended September 30, 1995 and 1994
Unaudited
(In Thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
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1995 1994 1995 1994
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Computation of per Share Earnings
Net income (loss) $ (550) $ 4,112 $ 10,977 $ 10,212
Deduct dividends on preferred stock 267 269 802 808
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Income applicable to common stock $ (817) $ 3,843 $ 10,175 $ 9,404
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Weighted average number of shares outstanding 9,998 9,938 9,976 9,918
Per share earnings* $ (0.082) $ 0.387 $ 1.020 $ 0.948
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Computation of Per Share Primary Earnings
Income applicable to common stock(A) N/A $ 3,843 $ 10,175 $ 9,404
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Weighted average number of shares outstanding 9,938 9,976 9,918
Add net shares issuable from assumed exercise
of options (under treasury stock method) 134 171 144
Shares applicable to primary earnings 10,072 10,147 10,062
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Per share primary earnings* $ 0.382 $ 1.003 $ 0.935
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Dilutive effect 1.3% 1.7% 1.4%
Computation of Per Share Fully Diluted Earnings
Net income(A) N/A $ 4,112 $ 10,977 $ 10,212
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Weighted average number of shares outstanding 9,938 9,976 9,918
Add net shares issuable from assumed exercise
of options (under treasury stock method) 180 171 180
Add weighted average shares issuable from
assumed conversion of convertible preferred
stock 890 888 896
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Shares applicable to fully diluted earnings 11,008 11,035 10,994
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Per share fully diluted earnings* $ 0.374 $ 0.995 $ 0.929
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Dilutive effect 3.4% 2.5% 2.0%
(A) Due to the net loss for the three months ended September 30, 1995, any
assumed conversion of common stock equivalents and convertible
preferred stock would have been antidilutive. Accordingly, dilutive
calculations of per share earnings were not applicable pursuant to APB
No. 15.
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).