1 BRIGGS & STRATTON CORPORATION AND SUBSIDIARIES EXHIBIT NO. 11 COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK Fiscal Year Ended ------------------------------------------------------ June 30, 1996 July 2, 1995 July 3, 1994 ------------- ------------ ------------ Computations for Statements of Income Primary earnings per share of common stock: Income before cumulative effect of changes in accounting principles $ 92,412,000 $ 104,805,000 $ 102,481,000 Cumulative effect of changes in accounting principles - - (32,558,000) ------------- -------------- -------------- Net income $ 92,412,000 $ 104,805,000 $ 69,923,000 ============= ============== ============== Average shares of common stock outstanding 28,927,000 28,927,000 28,927,000 Incremental common shares applicable to common stock options based on the average market price during the period 131,567 144,550 192,596 ------------- -------------- -------------- Average common shares, as adjusted 29,058,567 29,071,550 29,119,596 ============= ============== ============== Earnings per share of common stock: Net income before cumulative effect of changes in accounting principles $ 3.18 $ 3.61 $ 3.52 Cumulative effect of changes in accounting principles - - (1.12) ------------- -------------- -------------- Net earnings per share of common stock $ 3.18 $ 3.61 $ 2.40 ============= ============== ============== Fully diluted earnings per share of common stock: Average shares of common stock outstanding 28,927,000 28,927,000 28,927,000 Incremental common shares applicable to common stock options based on the more dilutive of the common stock ending or average market price during the period 131,567 144,550 192,596 ------------- -------------- -------------- Average common shares assuming full dilution 29,058,567 29,071,550 29,119,596 ============= ============== ============== Fully diluted earnings per average share of common stock, assuming conversion of all applicable securities: Net income before cumulative effect of changes in accounting principles $ 3.18 $ 3.61 $ 3.52 Cumulative effect of changes in accounting principles - - (1.12) ------------- -------------- -------------- Net earnings per share of common stock $ 3.18 $ 3.61 $ 2.40 ============= ============== ============== Note 1: The dilutive effect of stock options is less than 3% and, accordingly, presentation is not required under Accounting Principles Board Opinion No. 15. The above is presented to comply with Securities and Exchange Commission regulations. Note 2: The calculations for fiscal 1995 and 1994 have been adjusted to reflect a two-for-one stock split. 1