1
Exhibit (11)
STEPAN COMPANY
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
For the Three and Nine Months Ended September 30, 1996 and 1995
Unaudited
(In Thousands, except per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
-------------------- --------------------
1996 1995 1996 1995
--------- --------- --------- ---------
Computation of per Share Earnings
- ---------------------------------
Net income $ 4,202 $ (550) $ 15,010 $ 10,977
Deduct dividends on preferred stock 267 267 801 802
--------- --------- --------- ---------
Income applicable to common stock $ 3,935 $ (817) $ 14,209 $ 10,175
========= ========= ========= =========
Weighted average number of shares outstanding 10,007 9,998 10,017 9,976
Per share earnings* $ 0.393 $ (0.082) $ 1.418 $ 1.020
========= ========= ========= =========
Computation of Per Share Primary Earnings
- -----------------------------------------
Income applicable to common stock (A) $ 3,935 N/A $ 14,209 $ 10,175
========= ========= ========= =========
Weighted average number of shares outstanding 10,007 10,017 9,976
Add net shares issuable from assumed exercise
of options (under treasury stock method) 265 235 171
--------- --------- ---------
Shares applicable to primary earnings 10,272 10,252 10,147
========= ========= =========
Per share primary earnings* $ 0.383 $ 1.386 $ 1.003
========= ========= =========
Dilutive effect 2.5% 2.3% 1.7%
Computation of Per Share Fully Diluted Earnings
- -----------------------------------------------
Net income (A) $ 4,202 N/A $ 15,010 $ 10,977
========= ========= ========= =========
Weighted average number of shares outstanding 10,007 10,017 9,976
Add net shares issuable from assumed exercise
of options (under treasury stock method) 265 243 171
Add weighted average shares issuable from
assumed conversion of convertible preferred stock 887 887 888
--------- --------- ---------
Shares applicable to fully diluted earnings 11,159 11,147 11,035
========= ========= =========
Per share fully diluted earnings* $ 0.377 $ 1.347 $ 0.995
========= ========= =========
Dilutive effect 4.1% 5.0% 2.5%
(A) Due to the net loss for the three months ended September 30, 1995, any
assumed conversion of common stock equivalents and convertible preferred
stock would have been antidilutive. Accordingly, dilutive calculations of
per share earnings were not applicable pursuant to APB No. 15.
__________
* Rounded
This calculation is submitted in accordance with Regulation S-K, item
601(b)(11).