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Exhibit 11
MELVILLE CORPORATION AND SUBSIDIARY COMPANIES
Computation of Per Share Earnings
(Dollars and shares in thousands except per share amounts)
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Three Months Ended Nine Months Ended
September 28, September 30, September 28, September 30,
1996 1995 1996 1995
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Primary earnings (loss) per common share:
Net earnings (loss) $ 63,631 $ (5,103) $ 15,299 $(46,748)
Less: preferred dividends, net (3,383) (4,302) (10,180) (12,907)
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Net earnings (loss) used to compute
primary earnings (loss) per share $ 60,248 $ (9,405) $ 5,119 $(59,655)
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Weighted average number of shares
outstanding 105,846 105,035 105,496 105,077
Add: weighted average number of
shares which could have been
issued upon exercise of
outstanding stock options 432 28 135 27
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Weighted average number of shares
used to compute primary
earnings (loss) per share 106,278 105,063 105,631 105,104
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Primary earnings (loss) per share $ 0.57 $ (0.09) $ 0.05 $ (0.57)
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Fully diluted earnings (loss) per common share:
Net earnings (loss) $ 63,631 $ (5,103) $ 15,299 $(46,748)
Less: preferred dividends, net (341) (4,302) (10,180) (12,907)
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Net earnings (loss) used to compute
fully diluted earnings (loss) per
share before adjustments 63,290 (9,405) 5,119 (59,655)
Less: adjustments resulting principally
from the assumed conversion of
the Series One ESOP Convertible
Preference stock, net of tax benefit (1,589) -- -- --
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Net earnings (loss) used to compute
fully diluted earnings (loss) per share $ 61,701 $ (9,405) $ 5,119 $(59,655)
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Weighted average number of shares
outstanding 105,846 105,035 105,496 105,077
Add: weighted average number of
shares of Series One ESOP
Convertible Preference Stock
assuming conversion 6,751 -- -- --
Add: weighted average number of
shares which could have been
issued upon exercise of
outstanding stock options 575 28 135 27
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Weighted average number of shares
used to compute fully diluted
earnings (loss) per share 113,172 105,063 105,631 105,104
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Fully diluted earnings (loss) per share $ 0.55 $ (0.09) $ 0.05 $ (0.57)
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