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Exhibit 11
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CML GROUP, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS (LOSS) PER SHARE
Year Ended July 31,
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1996 1995 1994
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Primary earnings (loss) per share:
Weighted average number of shares outstanding:
Common 49,234,007 49,659,991 50,468,396
Shares deemed outstanding from
the assumed exercise of stock
options and a warrant and from
deferred compensation awards 409,309 721,727 1,122,362
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Total 49,643,316 50,381,718 51,590,758
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Net income (loss) $(100,424,000) $(18,920,000) $51,719,000
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Primary earnings (loss) per share $(2.04) $(0.38) $1.00
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Fully diluted earnings (loss) per share:
Weighted average number of shares outstanding, as
above 49,643,316 50,381,718 51,590,758
Shares deemed outstanding from
the assumed conversion of
convertible subordinated
debentures 1,604,877 1,919,411 2,218,649
Additional shares deemed
outstanding from the assumed
exercise of stock options 27,529 10,651 26,855
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Total 51,275,722 52,311,780 53,836,262
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Additional income from the
elimination of the interest cost of
the convertible subordinated
debentures, net of income tax effect $ 1,565,397 $ 1,821,709 $ 2,134,000
Fully diluted earnings (loss) per share $(2.04) $(0.38) $1.00
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