1
Exhibit 11
AGCO CORPORATION AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (1)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three Months Ended
March 31,
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PRIMARY EARNINGS PER SHARE 1996 1995
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Weighted average number of common shares outstanding . . . . . . . . . . 50,757 43,482
Shares issued upon assumed exercise of outstanding
stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535 570
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Weighted average number of common and common
equivalent shares outstanding . . . . . . . . . . . . . . . . . . . . 51,292 44,052
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Income before extraordinary loss . . . . . . . . . . . . . . . . . . . . $20,595 $23,384
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,503 -
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,092 $23,384
Preferred stock dividends . . . . . . .. . . . . . . . . . . . . . . . . - 1,213
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Net income available for common stockholders . . . . . . . . . . . . . . $17,092 $22,171
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Net income per common share:
Income before extraordinary loss . . . . . . . . . . . . . . . . . . . $ 0.40 $ 0.50
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . . . (0.07) -
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.33 $ 0.50
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FULLY DILUTED EARNINGS PER SHARE
Weighted average number of common shares outstanding . . . . . . . . . . 50,757 43,482
Shares issued upon assumed conversion of the Cumulative Convertible
Exchangeable Preferred Stock . . . . . . . . . . . . . . . . . . . . . - 11,808
Shares issued upon assumed conversion of the Convertible
Subordinated Debentures . . . . . . . . . . . . . . . . . . . . . . . 5,778 -
Shares issued upon assumed exercise of outstanding
stock options (2) . . . . . . . . . . . . . . . . . . . . . . . . . . 536 648
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Weighted average number of common and common
equivalent shares outstanding . . . . . . . . . . . . . . . . . . . . 57,071 55,938
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Income before extraordinary loss . . . . . . . . . . . . . . . . . . . . $20,595 $23,384
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,503 -
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,092 23,384
Interest expense on Convertible Subordinated Debentures, net of
applicable income taxes . . . . . . . . . . . . . . . . . . . . . . . . 398 -
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Net income available for common stockholders . . . . . . . . . . . . . . $17,490 $23,384
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Net income per common share:
Income before extraordinary loss . . . . . . . . . . . . . . . . . . . $ 0.37 $ 0.42
Extraordinary loss . . . . . . . . . . . . . . . . . . . . . . . . . . (0.06) -
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Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.31 $ 0.42
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(1) All numbers of shares in this exhibit are weighted on the basis of the
number of days the shares were outstanding or assumed to be outstanding
during each period. All share data has been restated to reflect the
two-for-one stock split, effected January 31, 1996.
(2) Based on the treasury stock method using the higher of the average or period
end market price.