1
Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Six Months Ended June 30, 1996 and 1995
Unaudited
(In Thousands, except per share amounts) Three Months Ended Six Months Ended
June 30 June 30
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1996 1995 1996 1995
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Computation of per Share Earnings
- ---------------------------------
Net income $5,173 $5,418 $10,808 $11,527
Deduct dividends on preferred stock 267 267 534 535
--------- --------- -------- --------
Income applicable to common stock $4,906 $5,151 $10,274 $10,992
========= ========= ======== ========
Weighted average number of shares outstanding 10,028 9,977 10,022 9,965
Per share earnings* $0.489 $0.516 $1.025 $1.103
========= ========= ======== ========
Computation of Per Share Primary Earnings
- -----------------------------------------
Income applicable to common stock $4,906 $5,151 $10,274 $10,992
========= ========= ======== ========
Weighted average number of shares outstanding 10,028 9,977 10,022 9,965
Add net shares issuable from assumed exercise
of options (under treasury stock method) 283 177 220 177
--------- --------- -------- --------
Shares applicable to primary earnings 10,311 10,154 10,242 10,142
========= ========= ======== ========
Per share primary earnings* $0.476 $0.507 $1.003 $1.084
========= ========= ======== ========
Dilutive effect 2.7% 1.7% 2.1% 1.7%
Computation of Per Share Fully Diluted Earnings
- -----------------------------------------------
Net income $5,173 $5,418 $10,808 $11,527
========= ========= ======== ========
Weighted average number of shares outstanding 10,028 9,977 10,022 9,965
Add net shares issuable from assumed exercise
of options (under treasury stock method) 283 177 232 177
Add weighted average shares issuable from
assumed conversion of convertible preferred
stock 887 889 887 889
--------- --------- -------- --------
Shares applicable to fully diluted earnings 11,198 11,043 11,141 11,031
========= ========= ======== ========
Per share fully diluted earnings* $0.462 $0.491 $0.970 $1.045
========= ========= ======== ========
Dilutive effect 5.5% 4.8% 5.4% 5.3%
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* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).