Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Nine Months Ended September 30, 1997 and 1996
Unaudited
(In Thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
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1997 1996 1997 1996
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Computation of per Share Earnings
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Net income $ 6,143 $ 4,202 $16,943 $15,010
Deduct dividends on preferred stock 267 267 801 801
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Income applicable to common stock $ 5,876 $ 3,935 $16,142 $14,209
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Weighted average number of shares outstanding 9,821 10,007 9,832 10,017
Per share earnings* $ 0.598 $ 0.393 $ 1.642 $ 1.418
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Computation of Per Share Primary Earnings
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Income applicable to common stock $ 5,876 $ 3,935 $16,142 $14,209
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Weighted average number of shares outstanding 9,821 10,007 9,832 10,017
Add net shares issuable from assumed exercise
of options (under treasury stock method) 274 265 266 235
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Shares applicable to primary earnings 10,095 10,272 10,098 10,252
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Per share primary earnings* $ 0.582 $ 0.383 $ 1.599 $ 1.386
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Dilutive effect 2.7% 2.5% 2.6% 2.3%
Computation of Per Share Fully Diluted Earnings
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Net income $ 6,143 $ 4,202 $16,943 $15,010
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Weighted average number of shares outstanding 9,821 10,007 9,832 10,017
Add net shares issuable from assumed exercise
of options (under treasury stock method) 383 265 349 243
Add weighted average shares issuable from
assumed conversion of convertible preferred
stock 885 887 886 887
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Shares applicable to fully diluted earnings 11,089 11,159 11,067 11,147
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Per share fully diluted earnings* $ 0.554 $ 0.377 $ 1.531 $ 1.347
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Dilutive effect 7.4% 4.1% 6.8% 5.0%
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).