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EXHIBIT 11
ZALE CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Common Share
(amounts in thousands except per share amounts)
Twelve Months Ended
July 31,
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1995 1994
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Primary:
Net earnings applicable to common stock $31,470 $21,557
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Shares
Weighted average number of common shares
outstanding 34,969 34,965
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 382 - - -
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 498 - - -
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Weighted average number of common shares
outstanding as adjusted 35,849 34,965
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Net earnings per common share $ 0.88 $ 0.62
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Fully Diluted:
Net earnings applicable to common stock $31,470 $21,557
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Shares
Weighted average number of common shares
outstanding 34,969 34,965
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 559 - - -
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 1,037 - - -
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Weighted average number of common shares
outstanding as adjusted 36,565 34,965
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Net earnings per common share $ 0.86 $ 0.62
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