EXHIBIT 11
HARLEY-DAVIDSON, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING NO DILUTION
(Unaudited)
(In thousands, except per share amounts)
Year Ended December 31,
1994 1993 1992
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Computation of net income (loss)
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Income before extraordinary item and accounting changes $104,272 $ 18,443 $54,173
Extraordinary item, net of tax - - (388)
Accounting changes, net of tax - (30,328) -
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Net income (loss) used in computing earnings
per common share assuming no dilution $104,272 $(11,885) $53,785
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Weighted average common shares outstanding and shares
used in computing earnings (loss) per common share
assuming no dilution 76,198 75,900 71,778
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Earnings (loss) per common share assuming no dilution:
Income before extraordinary item and accounting changes $ 1.37 $ .24 $ .76
Extraordinary item, net of tax - - (.01)
Accounting changes, net of tax - (.40) -
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Net income (loss) $ 1.37 $ (.16) $ .75
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HARLEY-DAVIDSON, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING FULL DILUTION
(Unaudited)
(In thousands, except per share amounts)
Year Ended December 31,
1994 1993 1992
-------- --------- --------
Computation of net income (loss)
---------------------------------------------------------------
Income before extraordinary item and accounting changes $104,272 $ 18,443 $54,173
Interest expense on Harley-Davidson, Inc. 7 1/4%
convertible subordinated debentures outstanding,
net of tax - - 1,538
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Income used in computing earnings per common share
assuming full dilution before extraordinary item
and accounting changes 104,272 18,443 55,711
Extraordinary item, net of tax - - (388)
Accounting changes, net of tax - (30,328) -
-------- -------- -------
Net income (loss) used in computing earnings per
common share assuming full dilution $104,272 $(11,885) $55,323
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Computation of shares
---------------------------------------------------------------
Weighted average common shares outstanding 76,198 75,900 71,778
Incremental shares created assuming exercise at the
beginning of the period of stock options outstanding
at the end of the period using period-end market
price when higher than average -** -* 1,222
Shares issuable upon conversion of outstanding Harley-
Davidson, Inc. 7 1/4% convertible subordinated
debentures - - 3,512
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Shares used in computing earnings (loss) per common
share assuming full dilution 76,198 75,900 76,512
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Earnings (loss) per common share assuming full dilution:
Income before extraordinary item $ 1.37 $ .24 $ .73
Extraordinary item, net of tax - - (.01)
Accounting changes, net of tax - (.40) -
-------- -------- -------
Net income (loss) $ 1.37 $ (.16) $ .72
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* Earnings (loss) per common share assuming full dilution generally
includes the dilutive effect of outstanding stock options. During 1993,
the effect of stock options had an antidilutive effect and, accordingly,
was excluded from the calculations.
**During 1994, the effect of stock options had an immaterial effect and,
accordingly, was excluded from the calculations.