1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - EXHIBIT 11
Twenty-eight Weeks Ended
May 12, May 14,
1996 1995
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Earnings per Common Share - Primary
Average Shares outstanding 41,586,857 41,342,515
Net effect of dilutive stock options-based on the treasury
stock method using average market price 86,748 104,860
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Totals 41,673,605 41,447,375
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Income from continuing operations $ 8,054,573 $14,214,285
Income from discontinued operations 397,816 4,942,907
Gain on sale of discontinued operations, net of income taxes 22,080,375
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Net income $30,532,764 $19,157,192
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Per Share amount:
Income from continuing operations $ .19 $ .34
Income from discontinued operations .01 .12
Gain on sale of discontinued operations, net of income taxes .53
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Net income $ .73 $ .46
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Earnings per Common Share - Fully Diluted:
Average shares outstanding 41,586,857 41,342,515
Net effect of dilutive stock options-based on the treasury
stock method using the average market price 103,167 104,860
Assumed conversion of 8.5% zero coupon convertible debentures 5,205,632 (A)
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Totals 46,895,656 41,447,375
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Income from continuing operations $ 8,054,573 $14,214,285
Add 8.5% zero coupon convertible debentures interest,
net of income tax 2,420,289 (A)
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Total from continuing operations 10,474,862 14,214,285
Income from discontinued operations 397,816 4,942,907
Gain on sale of discontinued operations, net of income taxes 22,080,375
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Net income $32,953,053 $19,157,192
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Per Share amount:
Income from continuing operations $ .22 $ .34
Income from discontinued operations .01 .12
Gain on sale of discontinued operations, net of income taxes .47
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Net income $ .70 $ .46
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2
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - EXHIBIT 11
Twelve Weeks Ended
May 12, May 14,
1996 1995
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Earnings per Common Share - Primary
Average Shares outstanding 41,634,833 41,424,805
Net effect of dilutive stock options-based on the treasury
stock method using average market price 90,846 96,747
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Totals 41,725,679 41,521,552
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Income from continuing operations $ 6,425,807 $ 6,202,183
Income from discontinued operations 2,291,419
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Net income $ 6,425,807 $ 8,493,602
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Per Share amount:
Income from continuing operations $ .15 $ .15
Income from discontinued operations .06
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Net income $ .15 $ .20
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Earnings per Common Share - Fully Diluted:
Average shares outstanding 41,634,833 41,424,805
Net effect of dilutive stock options-based on the treasury
stock method using the average market price 90,846 96,747
Assumed conversion of 8.5% zero coupon convertible debentures (A) (A)
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Totals 41,725,679 41,521,552
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Income from continuing operations $ 6,425,807 $ 6,202,183
Add 8.5% zero coupon convertible debentures interest,
net of income tax (A) (A)
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Total from continuing operations 6,425,807 6,202,183
Income from discontinued operations 2,291,419
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Net income $ 6,425,807 $ 8,493,602
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Per Share amount:
Income from continuing operations $ .15 $ .15
Income from discontinued operations .06
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Net income $ .15 $ .20
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(A) For the first half of 1995 and second quarters of fiscal 1995 and 1996,
both primary and fully diluted earnings per share were calculated utilizing the
average shares outstanding plus common stock equivalents. No consideration was
given to the assumed conversion of the zero coupon convertible debentures as
their assumed conversion would have an anti-dilutive effect.