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EXHIBIT 11
ZALE CORPORATION AND SUBSIDIARIES
Computation of Earnings Per Common Share
(amounts in thousands except per share amounts)
Year Ended July 31,
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1997 1996 1995
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Primary:
Net earnings applicable to common stock $50,553 $43,989 $31,470
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Shares
Weighted average number of common shares
outstanding 35,054 35,068 34,969
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 675 648 382
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 903 749 498
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Weighted average number of common shares
outstanding as adjusted 36,632 36,465 35,849
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Net earnings per common share $ 1.38 $ 1.20 $ 0.88
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Fully Diluted:
Net earnings applicable to common stock $50,553 $43,898 $31,470
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Shares
Weighted average number of common shares
outstanding 35,054 35,068 34,969
Assuming exercise of options reduced by the
number of shares which could have been
purchased with the proceeds from exercise
of such options 773 720 559
Assuming exercise of warrants reduced by
the number of shares which could have been
purchased with the proceeds from exercise
of such warrants 1,026 830 1,037
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Weighted average number of common shares
outstanding as adjusted 36,853 36,618 36,565
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Net earnings per common share $ 1.37 $ 1.20 $ 0.86
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