Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Six Months Ended June 30, 1994 and 1993
Unaudited
(In Thousands, except per share amounts) Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
1994 1993 1994 1993
-------- -------- ------- -------
Computation of Per Share Earnings
- - ---------------------------------
Net income $4,078 $3,368 $6,100 $8,055
Deduct dividends on preferred stock 268 275 539 550
------ ------ ------ ------
Income applicable to common stock $3,810 $3,093 $5,561 $7,505
====== ====== ====== ======
Weighted average number of shares 4,957 4,948 4,953 4,944
outstanding
Per share earnings * $0.769 $0.625 $1.123 $1.518
====== ====== ====== ======
Computation of Per Share Primary Earnings
- - -----------------------------------------
Income applicable to common stock $3,810 $3,093 $5,561 $7,505
====== ====== ====== ======
Weighted average number of shares 4,957 4,948 4,953 4,944
outstanding
Add net shares issuable from assumed 71 108 75 109
exercise of options (under treasury ------ ------ ------ ------
stock method)
Shares applicable to primary earnings 5,028 5,056 5,028 5,053
====== ====== ====== ======
Per share primary earnings * $0.758 $0.612 $1.106 $1.485
====== ====== ====== ======
Dilutive effect 1.4% 2.1% 1.5% 2.2%
Computation of Per Share Fully Diluted Earnings
- - -----------------------------------------------
Net income (See Note A) $4,078 $3,368 $5,561 $8,055
====== ====== ====== ======
Weighted average number of shares 4,957 4,948 4,953 4,944
outstanding
Add net shares issuable from assumed 71 108 75 109
exercise of options (under treasury stock
method)
Add weighted average shares issuable 447 457 - 457
from assumed conversion of ------ ------ ------ ------
convertible preferred stock (See Note A)
Shares applicable to fully diluted 5,475 5,513 5,028 5,510
earnings ====== ====== ====== ======
Per share fully diluted earnings * $0.745 $0.611 $1.106 $1.462
====== ====== ====== ======
Dilutive effect 3.2% 2.2% 1.5% 3.7%
(A) For the six months ended June 30, 1994, the assumed conversion of
convertible preferred stock would have been antidilutive. Accordingly, the
dividends and shares issuable from assumed conversion have been excluded
pursuant to APB No. 15.
- - ---------
* Rounded
This calculation is submitted in accordance with Regulation S-K, item 601(b)
(11).