Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Six Months Ended June 30, 1997 and 1996
Unaudited
(In Thousands, except per share amounts) Three Months Ended Six Months Ended
June 30 June 30
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1997 1996 1997 1996
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Computation of per Share Earnings
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Net income $ 6,323 $ 5,173 $10,800 $10,808
Deduct dividends on preferred stock 267 267 534 534
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Income applicable to common stock $ 6,056 $ 4,906 $10,266 $10,274
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Weighted average number of shares outstanding 9,834 10,028 9,837 10,022
Per share earnings* $ 0.616 $ 0.489 $ 1.044 $ 1.025
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Computation of Per Share Primary Earnings
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Income applicable to common stock $ 6,056 $ 4,906 $10,266 $10,274
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Weighted average number of shares outstanding 9,834 10,028 9,837 10,022
Add net shares issuable from assumed exercise
of options (under treasury stock method) 246 283 261 220
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Shares applicable to primary earnings 10,080 10,311 10,098 10,242
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Per share primary earnings* $ 0.601 $ 0.476 $ 1.017 $ 1.003
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Dilutive effect 2.4% 2.7% 2.6% 2.1%
Computation of Per Share Fully Diluted Earnings
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Net income $ 6,323 $ 5,173 $10,800 $10,808
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Weighted average number of shares outstanding 9,834 10,028 9,837 10,022
Add net shares issuable from assumed exercise
of options (under treasury stock method) 387 283 332 232
Add weighted average shares issuable from assumed
conversion of convertible preferred stock 887 887 887 887
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Shares applicable to fully diluted earnings 11,108 11,198 11,056 11,141
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Per share fully diluted earnings* $ 0.569 $ 0.462 $ 0.977 $ 0.970
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Dilutive effect 7.6% 5.5% 6.4% 5.4%
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).