Exhibit (11.3)
THE MEAD CORPORATION AND CONSOLIDATED SUBSIDIARIES
- --------------------------------------------------
CALCULATION OF FULLY DILUTED NET EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE
- --------------------------------------------------------------------------------
(1)
- ---
(ALL AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Third Quarter Ended Three Quarters Ended
----------------------- ---------------------
October 3, October 3, October 3, October 3,
1994 1993 1994 1993
---------- ---------- --------- ----------
NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES $54,577 $29,994 $137,352 $107,099
ADJUSTMENT FOR OTHER POTENTIALLY DILUTIVE
SECURITIES - Interest savings (net of tax) on
Convertible Subordinated Debentures as if converted
at the beginning of the period 1,431
------- ------- -------- --------
NET EARNINGS APPLICABLE TO COMMON AND COMMON
EQUIVALENT SHARES ON A FULLY DILUTED BASIS $54,577 $31,425 $137,352 $107,099
======= ======= ======== ========
AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS:
Shares used in calculating primary earnings
per share 62,722 59,713 62,528 62,203
Additional dilutive effect of stock options after
application of treasury stock method 279 2 393 10
Adjustment for other potentially dilutive
securities - Dilutive effect of Convertible
Subordinated Debentures as if converted at the
beginning of the period 2,630
------- ------- -------- --------
AVERAGE NUMBER OF SHARES OUTSTANDING ON A
FULLY DILUTED BASIS 63,000 62,345 62,922 62,213
======= ======= ======== ========
FULLY DILUTED NET EARNINGS PER COMMON AND
COMMON EQUIVALENT SHARE $.87 $.50 $2.18 $1.72
==== ==== ===== =====
(1) This calculation is submitted in accordance with 17 CFR 229.601(b)(11)
although it is contrary to paragraph 40 of APB Opinion No. 15 because it
produces an antidilutive result (less than $.01 per share in the third
quarter of 1993).