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EXHIBIT 11
Page 1 of 2
INGLES MARKETS, INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
THREE MONTHS ENDED
--------------------------
JUNE 25, JUNE 26,
1994 1993
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $ 4,562,310 $ 3,018,333
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Net Income $ 4,562,310 $ 3,018,333
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,388,950 17,961,614
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .25 $ .17
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Primary earnings per common share $ .25 $ .17
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 4,562,310 $ 3,018,333
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 529,202 530,300
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 5,091,512 3,548,633
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Fully diluted earnings $ 5,091,512 $ 3,548,633
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,388,950 17,961,614
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,763,635 21,336,749
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle $ .23 $ .17
Cumulative effect of change in accounting
for income taxes - -
----------- -----------
Fully diluted earnings per common share $ .23 $ .17
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
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2
EXHIBIT 11
Page 2 of 2
INGLES MARKETS, INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
NINE MONTHS ENDED
--------------------------
JUNE 25, JUNE 26,
1994 1993
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $12,266,855 $ 8,053,111
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Net Income $15,601,715 $ 8,053,111
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,368,370 17,941,028
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .67 $ .45
Cumulative effect of change in accounting
for income taxes .18 -
----------- -----------
Primary earnings per common share $ .85 $ .45
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $12,266,855 $ 8,053,111
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 1,587,651 1,590,898
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 13,854,506 9,644,009
Cumulative effect of change in accounting
for income taxes 3,334,860 -
----------- -----------
Fully diluted earnings $17,189,366 $ 9,644,009
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,368,370 17,941,028
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,743,055 21,316,163
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle ** $ .63 $ .45
Cumulative effect of change in accounting
for income taxes .16 -
----------- -----------
Fully diluted earnings per common share ** $ .79 $ .45
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
** The effect for the nine month period ended June 26, 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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