EXHIBIT 11.1
COMPUTATION OF CONSOLIDATED EARNINGS PER SHARE
(in thousands, except per share amounts)
Fiscal Years Ended
-------------------------------------------
December 28, December 30, December 31,
1996 1995 1994
------------- ------------- -------------
(52 weeks) (52 weeks) (52 weeks)
Earnings before extraordinary loss........ $352,735 $318,866 $268,903
Extraordinary loss........................ (2,862) (16,053) (26,707)
-------- -------- --------
Net earnings for common stock............. $349,873 $302,813 $242,196
======== ======== ========
PRIMARY (1)
- ------
Weighted average common and dilutive
common equivalent shares:
Common stock outstanding............. 125,489 115,734 109,911
Stock options........................ 5,886 4,679 3,626
-------- -------- --------
131,375 120,413 113,537
======== ======== ========
Primary earnings from continuing
operations per share................... $ 2.68 $ 2.65 $ 2.37
Primary results of extraordinary
loss per share......................... (.02) (.13) (.24)
-------- -------- --------
Primary net earnings per share............ $ 2.66 $ 2.52 $ 2.13
======== ======== ========
FULLY DILUTED (2)
- -------------
Weighted average common shares
and all other dilutive securities:
Common stock outstanding............. 125,489 122,729 109,911
Stock options........................ 6,544 6,503 3,933
Convertible debt..................... 15,870
-------- -------- --------
132,033 129,232 129,714
======== ======== ========
Fully diluted earnings from
continuing operations per share (2).... $ 2.67 $ 2.50 $ 2.19
Fully diluted results of extraordinary
loss per share......................... (.02) (.12) (.21)
-------- -------- --------
Fully diluted net earnings per share (2).. $ 2.65 $ 2.38 $ 1.98
======== ======== ========
(1) The 6-3/8% 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 6-3/8% 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 $3,600 and $14,800
for the years ended December 30, 1995 and December 31, 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.