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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 24, JUNE 25,
1995 1994
---------- -----------
PRIMARY
Net income $ 4,543,432 $ 4,562,310
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,301,028 18,388,950
=========== ===========
Primary earnings per common share $ .25 $ .25
=========== ===========
FULLY DILUTED:
Net income $ 4,543,432 $ 4,562,310
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 532,391 529,202
----------- -----------
Fully diluted earnings $ 5,075,823 $ 5,091,512
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,356,348 18,388,950
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,374,685
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,731,033 21,763,635
=========== ===========
Fully diluted earnings per common share $ .23 $ .23
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
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EXHIBIT 11
Page 2 of 2
INGLES MARKETS, INCORPORATED
AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE *
NINE MONTHS ENDED
--------------------------
JUNE 24, JUNE 25,
1995 1994
------------ ------------
PRIMARY:
Income before cumulative effect of
change in accounting principle $10,568,351 $12,266,855
Cumulative effect of change in accounting
principle for income taxes - 3,334,860
----------- -----------
Net income $10,568,351 $15,601,715
=========== ===========
Shares
Weighted average number of common shares
and common stock equivalent shares
outstanding 18,313,789 18,368,370
=========== ===========
Primary earnings per common share before
cumulative effect of change in accounting
principle $ .58 $ .67
Cumulative effect of change in accounting
principle for income taxes - .18
----------- -----------
Primary earnings per common share $ .58 $ .85
=========== ===========
FULLY DILUTED:
Income before cumulative effect of
change in accounting principle $10,568,351 $12,266,855
Add after tax and bonus effect of interest
expense applicable to Convertible
Subordinated Debentures 1,597,175 1,587,651
----------- -----------
Fully diluted earnings before cumulative
effect of change in accounting principle 12,165,526 13,854,506
Cumulative effect of change in accounting
principle for income taxes - 3,334,860
----------- -----------
Fully diluted earnings $12,165,526 $17,189,366
=========== ===========
Shares
Weighted average number of common
shares and common stock equivalent
shares outstanding 18,356,348 18,368,370
Additional shares assuming conversion
of Convertible Subordinated Debentures 3,374,685 3,374,685
----------- -----------
Weighted average number of common
shares outstanding as adjusted 21,731,033 21,743,055
=========== ===========
Fully diluted earnings per common share
before cumulative effect of change in
accounting principle $ .56 $ .63
Cumulative effect of change in accounting
principle for income taxes - .16
----------- -----------
Fully diluted earnings per common share $ .56 $ .79
=========== ===========
* See Note B of the notes to unaudited interim financial statements.
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