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EXHIBIT 11
CASEY'S GENERAL STORES, INC.
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Computation of Per Share Earnings
PRIMARY EARNINGS PER SHARE - The computation of primary earnings per share is
not presented since such computation can be clearly determined from the
material contained in the Consolidated Financial Statements and notes thereto
included in the Company's Annual Report to Shareholders for the fiscal year
ended April 30, 1996.
FULLY DILUTED EARNINGS PER SHARE - The following sets forth the computation of
per share earnings on a fully diluted basis:
Year Ended April 30,
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1996 1995 1994
---- ---- ----
Net income $26,767,085 $22,880,841 $16,564,097
Interest savings net of
income taxes on assumed
conversion of convertible
debentures --- --- 1,220,747
----------- ----------- -----------
Earnings applicable to
fully diluted shares $26,767,085 $22,880,841 $17,784,844
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Average common shares
outstanding 26,110,419 25,930,614 22,571,288
Average common equivalent
shares applicable to
stock options 129,413 194,473 125,704
Average common shares
issuable on assumed
conversion of convertible
debentures --- --- 3,320,836
----------- ----------- -----------
26,239,832 26,125,087 26,017,828
=========== =========== ===========
Earnings per share-fully
diluted basis (A) $ 1.02 $ .88 $ .68
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(A) Fully diluted earnings per share cannot exceed primary earnings per share.