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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 25, MARCH 26,
1995 1994
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $ 2,187,131 $ 3,859,416
Cumulative effect of change in accounting
principle for income taxes - -
----------- -----------
Net income $ 2,187,131 $ 3,859,416
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,289,829 18,421,580
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .12 $ .21
Cumulative effect of change in accounting
principle for income taxes - -
----------- -----------
Primary earnings per common share $ .12 $ .21
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 2,187,131 $ 3,859,416
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 530,097 522,353
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 2,717,228 4,381,769
Cumulative effect of change in accounting
principle for income taxes - -
----------- -----------
Fully diluted earnings $ 2,717,228 $ 4,381,769
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,289,829 18,421,580
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,664,514 21,796,715
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle** $ .12 $ .20
Cumulative effect of change in accounting
principle for income taxes - -
----------- -----------
Fully diluted earnings per common share** $ .12 $ .20
=========== ===========
* See note B of the notes to unaudited interim financial statements.
** The effect for the three month period ended March 25, 1995 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 25, MARCH 26,
1995 1994
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $ 6,024,919 $ 7,704,545
Cumulative effect of change in accounting
principle for income taxes - 3,334,860
----------- -----------
Net income $ 6,024,919 $11,039,405
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,321,171 18,358,174
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .33 $ .42
Cumulative effect of change in accounting
principle for income taxes - .18
----------- -----------
Primary earnings per common share $ .33 $ .60
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $ 6,024,919 $ 7,704,545
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 1,058,209 1,044,708
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 7,083,128 8,749,253
Cumulative effect of change in accounting
principle for income taxes - 3,334,860
----------- -----------
Fully diluted earnings $ 7,083,128 $12,084,113
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,321,171 18,358,174
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,375,135
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,695,856 21,733,309
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle $ .33 $ .40
Cumulative effect of change in accounting
principle for income taxes - .16
----------- -----------
Fully diluted earnings per common share $ .33 $ .56
=========== ===========
* See note B of the notes to unaudited interim financial statements.
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