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INGLES MARKETS, INCORPORATED EXHIBIT 11
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
THREE MONTHS ENDED
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DECEMBER 25, DECEMBER 26,
1993 1992
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PRIMARY:
Income before cumulative effect of
change in accounting principle $ 3,845,129 $ 2,511,924
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Net Income $ 7,179,989 $ 2,511,924
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Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,309,901 17,903,700
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .21 $ .14
Cumulative effect of change in accounting
for income taxes .18 -
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Primary earnings per common share $ .39 $ .14
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FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 3,845,129 $ 2,511,924
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 520,547 527,820
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Fully diluted earnings before cumulative
effect of change in accounting principle 4,365,676 3,039,744
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Fully diluted earnings $ 7,700,536 $ 3,039,744
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Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,409,814 17,903,700
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,375,135 3,375,135
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Weighted average number of common
shares outstanding as adjusted 21,784,949 21,278,835
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Fully diluted earnings per common share
before cumulative effect of change in
accounting principle ** $ .20 $ .14
Cumulative effect of change in accounting
for income taxes .15 -
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Fully diluted earnings per common share ** $ .35 $ .14
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* See note B of the notes to unaudited interim financial statements.
** The effect for the three months ended December 26, 1992 of the
conversion of the Convertible Subordinated Debentures was
anti-dilutive and therefore the conversion was not assumed in the
fully diluted calculation for this period.
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