1 BRIGGS & STRATTON CORPORATION AND CONSOLIDATED SUBSIDIARIES EXHIBIT NO. 11 COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK Fiscal Year Ended --------------------------------------------------- June 29, 1997 June 30, 1996 July 2, 1995 ------------- ------------- ------------ COMPUTATIONS FOR STATEMENTS OF INCOME Primary earnings per share of common stock: Net income $ 61,565 $ 92,412 $ 104,805 ======== ======== ========= Average shares of common stock outstanding 28,551 28,927 28,927 Incremental common shares applicable to common stock options based on the average market price during the period 127 132 145 -------- -------- --------- Average common shares, as adjusted 28,678 29,059 29,072 ======== ======== ========= Net earnings per share of common stock $ 2.15 $ 3.18 $ 3.61 ======== ======== ========= Fully diluted earnings per share of common stock: Average shares of common stock outstanding 28,551 28,927 28,927 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 194 132 145 -------- -------- --------- Average common shares assuming full dilution 28,745 29,059 29,072 ======== ======== ========= Fully diluted earnings per average share of common stock, assuming conversion of all applicable securities: $ 2.14 $ 3.18 $ 3.61 ======== ======== ========= 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 has been adjusted to reflect a two-for-one stock split. 1