Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Nine Months Ended September 30, 1994 and 1993
Unaudited
(In Thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
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1994 1993 1994 1993
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Computation of Per Share Earnings
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Net income $4,112 $3,170 $10,212 $11,225
Deduct dividends on preferred stock 269 275 808 825
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Income applicable to common stock $3,843 $2,895 $ 9,404 $10,400
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Weighted average number of shares outstanding 4,969 4,952 4,959 4,947
Per share earnings * $0.773 $0.585 $1.896 $2.102
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Computation of Per Share Primary Earnings
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Income applicable to common stock $3,843 $2,895 $9,404 $10,400
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Weighted average number of shares outstanding 4,969 4,952 4,959 4,947
Add net shares issuable from assumed exercise 67 100 72 106
of options (under treasury stock method) ------ ------ ------- -------
Shares applicable to primary earnings 5,036 5,052 5,031 5,053
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Per share primary earnings * $0.763 $0.573 $1.869 $2.058
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Dilutive effect 1.3% 2.1% 1.4% 2.1%
Computation of Per Share Fully Diluted Earnings
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Net income $4,112 $3,170 $10,212 $11,225
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Weighted average number of shares outstanding 4,969 4,952 4,959 4,947
Add net shares issuable from assumed exercise 90 100 90 106
of options (under treasury stock method)
Add weighted average shares issuable from 445 457 448 457
assumed conversion of convertible preferred ------ ------ ------- -------
stock
Shares applicable to fully diluted earnings 5,504 5,509 5,497 5,510
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Per share fully diluted earnings * $0.747 $0.575 $1.858 $2.037
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Dilutive effect 3.4% 1.7% 2.0% 3.1%
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).