EXHIBIT (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
FOR THE YEARS ENDED DECEMBER 31, 1996 AND 1995
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
1996 1995
------- -------
COMPUTATION OF PER SHARE EARNINGS
Net Income..................................................... $19,067 $16,119
Deduct dividends on preferred stock............................ 1,068 1,069
------- -------
Income applicable to common stock.............................. $17,999 $15,050
======= =======
Weighted average number of shares outstanding.................. 10,002 9,984
Per share earnings*............................................ $ 1.800 $ 1.507
======= =======
COMPUTATION OF PER SHARE PRIMARY EARNINGS
Income applicable to common stock.............................. $17,999 $15,050
======= =======
Weighted average number of shares outstanding.................. 10,002 9,984
Add net shares issuable from assumed exercise of options (under
treasury stock method)........................................ 242 166
------- -------
Shares applicable to primary earnings.......................... 10,244 10,150
======= =======
Per share primary earnings*.................................... $ 1.757 $ 1.483
======= =======
Dilutive effect................................................ 2.4% 1.6%
======= =======
COMPUTATION OF PER SHARE FULLY DILUTED EARNINGS
Net income..................................................... $19,067 $16,119
======= =======
Weighted average number of shares outstanding.................. 10,002 9,984
Add net shares issuable from assumed exercise of options (under
treasury stock method)........................................ 265 166
Add weighted average shares issuable from assumed conversion of
convertible preferred stock................................... 887 888
------- -------
Shares applicable to fully diluted earnings.................... 11,154 11,038
======= =======
Per share fully diluted earnings*.............................. $ 1.709 $ 1.460
======= =======
Dilutive effect................................................ 5.1% 3.1%
======= =======
- --------
* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).