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EXHIBIT 11
Page 1 of 2
INGLES MARKETS, INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
THREE MONTHS ENDED
--------------------------
MARCH 26, MARCH 27,
1994 1993
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $ 3,859,416 $ 2,522,854
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Net Income $ 3,859,416 $ 2,522,854
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,421,580 17,936,641
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .21 $ .14
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Primary earnings per common share $ .21 $ .14
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 3,859,416 $ 2,522,854
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 522,353 526,514
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 4,381,769 3,049,368
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Fully diluted earnings $ 4,381,769 $ 3,049,368
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,421,580 17,936,641
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,375,135 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,796,715 21,311,776
=========== ===========
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 - -
----------- -----------
Fully diluted earnings per common share ** $ .20 $ .14
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
** The effect for the three month period ended March 27, 1993 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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2
EXHIBIT 11
Page 2 of 2
INGLES MARKETS, INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
SIX MONTHS ENDED
--------------------------
MARCH 26, MARCH 27,
1994 1993
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $ 7,704,545 $ 5,034,778
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Net Income $11,039,405 $ 5,034,778
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,358,174 17,929,879
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .42 $ .28
Cumulative effect of change in accounting
for income taxes .18 -
----------- -----------
Primary earnings per common share $ .60 $ .28
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 7,704,545 $ 5,034,778
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 1,044,708 1,053,026
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 8,749,253 6,087,804
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Fully diluted earnings $12,084,113 $ 6,087,804
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,358,174 17,929,879
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,375,135 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,733,309 21,305,014
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle ** $ .40 $ .28
Cumulative effect of change in accounting
for income taxes .16 -
----------- -----------
Fully diluted earnings per common share ** $ .56 $ .28
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
** The effect for the six month period ended March 27, 1993 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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