Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Nine Months Ended September 30, 1998 and 1997
Unaudited
(In Thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
1998 1997 1998 1997
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Computation of Basic Earnings per Share
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Net income $ 5,032 $ 6,143 $17,864 $16,943
Deduct dividends on preferred stock 224 267 673 801
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Income applicable to common stock $ 4,808 $ 5,876 $17,191 $16,142
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Weighted average number of shares outstanding 9,881 9,821 9,861 9,832
Per share earnings* $ 0.487 $ 0.598 $ 1.743 $ 1.642
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Computation of Diluted Earnings per Share
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Net Income $ 5,032 $ 6,143 $17,864 $16,943
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Weighted-average number of shares outstanding 9,881 9,821 9,861 9,832
Add net shares issuable from assumed exercise
of options (under treasury stock method) 491 274 456 266
Add Weighted-average shares issuable from assumed
conversion of convertible preferred stock 743 885 744 886
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Shares applicable to diluted earnings 11,115 10,980 11,061 10,984
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Per share diluted earnings* $ 0.453 $ 0.560 $ 1.615 $ 1.543
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).