EXHIBIT 11.1
COMPUTATION OF CONSOLIDATED EARNINGS (LOSS) PER SHARE
(in thousands, except per share amounts)
Fiscal Years Ended
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December 30, December 31, January 1,
1995 1994 1994
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(52 weeks) (52 weeks) (52 weeks)
Earnings before extraordinary loss and
cumulative effect of change in accounting... $318,866 $268,903 $ 170,805
Extraordinary loss............................. (16,053) (26,707) (23,832)
Cumulative effect of change in accounting...... (159,193)
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Net earnings (loss) for common stock........... $302,813 $242,196 $ (12,220)
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PRIMARY (1)
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Weighted average common and dilutive
common equivalent shares:
Common stock outstanding.................. 115,734 109,911 104,003
Stock options............................. 4,679 3,626 2,708
-------- -------- ---------
120,413 113,537 106,711
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Primary earnings from continuing
operations per share........................ $ 2.65 $ 2.37 $ 1.60
Primary results of extraordinary
loss per share.............................. (.13) (.24) (.22)
Primary results of cumulative effect of
change in accounting........................ (1.49)
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Primary net earnings (loss) per share.......... $ 2.52 $ 2.13 $ (.11)
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FULLY DILUTED (2)
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Weighted average common shares
and all other dilutive securities:
Common stock outstanding.................. 122,729 109,911 104,003
Stock options............................. 6,503 3,933 3,216
Convertible debt.......................... 15,870 17,074
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129,232 129,714 124,293
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Fully diluted earnings from
continuing operations per share (2)......... $ 2.50 $ 2.19 $ 1.50
Fully diluted results of extraordinary
loss per share.............................. (.12) (.21) (.19)
Fully diluted results of cumulative effect
change in accounting.......................... (1.28)
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Fully diluted net earnings
per share..................................... $ 2.38 $ 1.98 $ .03
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(1) The Convertible Junior Subordinated Notes issued in December 1992 and the
Convertible Junior Subordinated Debentures issued in March 1991 are not
included in the computation of primary earnings per share since they are
not common stock equivalents. The Convertible Junior Subordinated Notes
were converted into common stock on or before the redemption date of
September 5, 1995. These shares were included in the weighted average
number of common stock outstanding for the year ended December 30, 1995 as
of the date of conversion for primary earnings per share and as of the
first day of the year for fully-diluted earnings per share.
(2) Earnings used to calculate fully diluted earnings per share have been
adjusted to reflect the tax effected interest expense of $3.6 million,
$14.8 million and $15.8 million for the years ended December 30, 1995,
December 31, 1994 and January 1, 1994, respectively, that would have been
avoided in connection with the assumed conversion of the 6-3/8% Convertible
Junior Subordinated Notes and the 8-1/4% Convertible Junior Subordinated
Debentures as of the beginning of each year.