1
Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three Months Ended March 31, 1996 and 1995
Unaudited
(In Thousands, except per share amounts) Three Months
Ended March 31
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1996 1995
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Computation of per Share Earnings
- ---------------------------------
Net income $ 5,635 $ 6,109
Deduct dividends on preferred stock 267 268
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Income applicable to common stock $ 5,368 $ 5,841
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Weighted average number of shares outstanding 10,016 9,953
Per share earnings* $ 0.536 $ 0.587
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Computation of Per Share Primary Earnings
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Income applicable to common stock $ 5,368 $ 5,841
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Weighted average number of shares outstanding 10,016 9,953
Add net shares issuable from assumed exercise of options
(under treasury stock method) 157 176
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Shares applicable to primary earnings 10,173 10,129
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Per share primary earnings* $ 0.528 $ 0.577
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Dilutive effect 1.5% 1.7%
Computation of Per Share Fully Diluted Earnings
- -----------------------------------------------
Net income $ 5,635 $ 6,109
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Weighted average number of shares outstanding 10,016 9,953
Add net shares issuable from assumed exercise of options
(under treasury stock method) 180 176
Add weighted average shares issuable from assumed conversion of
convertible preferred stock 887 889
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Shares applicable to fully diluted earnings 11,083 11,018
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Per share fully diluted earnings* $ 0.508 $ 0.554
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Dilutive effect 5.2% 5.6%
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).