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,
1995 1994 1993
-------- -------- --------
Computation of net income (loss)
- --------------------------------
Income from continuing operations before accounting changes $111,050 $ 96,221 $ 76,319
Income (loss) from discontinued operations 1,430 8,051 (57,904)
Accounting changes, net of tax -- -- (30,300)
-------- -------- --------
Net income (loss) used in computing earnings per common
share assuming no dilution $112,480 $104,272 $(11,885)
======== ======== ========
Weighted average common shares outstanding and shares used in
computing earnings (loss) per common share assuming no dilution 75,085 76,198 75,900
======== ======== ========
Earnings (loss) per common share assuming no dilution:
Income from continuing operations before accounting changes $ 1.48 $ 1.26 $ 1.00
Income (loss) from discontinued operations .02 .11 (.76)
Accounting changes, net of tax -- -- (.40)
-------- -------- --------
Net income (loss) $ 1.50 $ 1.37 $ (.16)
======== ======== ========
HARLEY-DAVIDSON, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
ASSUMING FULL DILUTION
(Unaudited)
(In thousands, except per share amounts)
Year Ended December 31,
1995 1994 1993
-------- -------- --------
Computation of net income (loss)
- --------------------------------
Income from continuing operations before accounting changes $111,050 $ 96,221 $ 76,319
Income (loss) from discontinued operations 1,430 8,051 (57,904)
Accounting changes, net of tax -- -- (30,300)
-------- -------- --------
Net income (loss) used in computing earnings per common
share assuming full dilution $112,480 $104,272 $(11,885)
======== ======== ========
Computation of shares
- ---------------------
Weighted average common shares outstanding 75,085 76,198 75,900
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 1,017 1,025 --*
-------- -------- --------
Shares used in computing earnings (loss) per common share
assuming full dilution 76,102 77,223 75,900
======== ======== ========
Earnings (loss) per common share assuming full dilution:
Income from continuing operations before accounting changes $ 1.46 $ 1.25 $ 1.00
Income (loss) from discontinued operations .02 .10 (.76)
Accounting changes, net of tax -- -- (.40)
-------- -------- --------
Net income (loss) $ 1.48 $ 1.35 $ (.16)
======== ======== ========
* 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.