Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three Months Ended March 31, 1997 and 1996
Unaudited
(In Thousands, except per share amounts) Three Months
Ended March 31
-----------------
1997 1996
------- -------
Computation of per Share Earnings
- ----------------------------------------
Net income $ 4,477 $ 5,635
Deduct dividends on preferred stock 267 267
------- -------
Income applicable to common stock $ 4,210 $ 5,368
======= =======
Weighted average number of shares
outstanding 9,839 10,016
Per share earnings* $ 0.428 $ 0.536
======= =======
Computation of Per Share Primary
Earnings
- ----------------------------------------
Income applicable to common stock $ 4,210 $ 5,368
======= =======
Weighted average number of shares
outstanding 9,839 10,016
Add net shares issuable from assumed
exercise of options
(under treasury stock method) 276 157
------- -------
Shares applicable to primary earnings 10,115 10,173
======= =======
Per share primary earnings* $ 0.416 $ 0.528
======= =======
Dilutive effect 2.8% 1.5%
Computation of Per Share Fully Diluted
Earnings
- ----------------------------------------
Net income $ 4,477 $ 5,635
======= =======
Weighted average number of shares
outstanding 9,839 10,016
Add net shares issuable from assumed
exercise of options
(under treasury stock method) 276 180
Add weighted average shares issuable
from assumed conversion of
convertible preferred stock 887 887
------- -------
Shares applicable to fully diluted
earnings 11,002 11,083
======= =======
Per share fully diluted earnings* $ 0.407 $ 0.508
======= =======
Dilutive effect 4.9% 5.2%
__________
* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).