Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Six Months Ended June 30, 1998 and 1997
Unaudited
(In Thousands, except per share amounts) Three Months Ended Six Months Ended
June 30 June 30
1998 1997 1998 1997
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Computation of Basic Earnings per Share
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Net income $ 7,110 $ 6,323 $12,832 $10,800
Deduct dividends on preferred stock 224 267 449 534
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Income applicable to common stock $ 6,886 $ 6,056 $12,383 $10,266
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Weighted average number of shares outstanding 9,854 9,834 9,850 9,837
Per share earnings* $ 0.699 $ 0.616 $ 1.257 $ 1.044
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Computation of Diluted Earnings per Share
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Net Income $ 7,110 $ 6,323 $12,832 $10,800
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Weighted-average number of shares outstanding 9,854 9,834 9,850 9,837
Add net shares issuable from assumed exercise
of options (under treasury stock method) 485 246 438 261
Add Weighted-average shares issuable from assumed
conversion of convertible preferred stock 744 887 745 887
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Shares applicable to diluted earnings 11,083 10,967 11,033 10,985
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Per share diluted earnings* $ 0.642 $ 0.577 $ 1.163 $ 0.983
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).