1
EXHIBIT 11
AGCO CORPORATION AND SUBSIDIARIES
STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS (1)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Year Ended December 31,
------------------------------------------
1996 1995 1994
--------- -------- --------
PRIMARY EARNINGS PER SHARE
Weighted average number of common shares outstanding ........................ 54,749 45,506 35,206
Shares issued upon assumed exercise of outstanding
stock options ............................................................ 437 620 714
--------- -------- --------
Weighted average number of common and common
equivalent shares outstanding ............................................ 55,186 46,126 35,920
========= ======== ========
Income before extraordinary loss ............................................ $ 129,390 $129,142 $115,534
Extraordinary loss (3) ...................................................... (3,503) -- --
--------- -------- --------
Net income .................................................................. 125,887 129,142 115,534
Preferred stock dividends ................................................... -- 2,012 5,421
--------- -------- --------
Net income available for common stockholders \ .............................. $ 125,887 $127,130 $110,113
========= ======== ========
Net income per common share:
Income before extraordinary loss ........................................ $ 2.34 $ 2.76 $ 3.07
Extraordinary loss (3) .................................................. (0.06) -- --
--------- -------- --------
Net income .............................................................. $ 2.28 $ 2.76 $ 3.07
========= ======== ========
FULLY DILUTED EARNINGS PER SHARE
Weighted average number of common shares outstanding ........................ 54,749 45,506 35,206
Shares issued upon assumed conversion of the Cumulative Convertible
Exchangeable Preferred Stock ................................................ -- -- 13,224
Shares issued upon assumed conversion of the Convertible
Subordinated Debentures ..................................................... 2,224 10,458 --
Shares issued upon assumed exercise of outstanding
stock options (2) ........................................................ 468 720 740
--------- -------- --------
Weighted average number of common and common
equivalent shares outstanding ............................................ 57,441 56,684 49,170
========= ======== ========
Income before extraordinary loss ............................................ $ 129,390 $129,142 $115,534
Extraordinary loss (3) ...................................................... (3,503) -- --
--------- -------- --------
Net income .................................................................. 125,887 129,142 115,534
Interest expense on Convertible Subordinated Debentures, net of
applicable income taxes ..................................................... 529 1,382 --
--------- -------- --------
Net income available for common stockholders ................................ $ 126,416 $130,524 $115,534
========= ======== ========
Net income per common share:
Income before extraordinary loss ........................................ $ 2.26 $ 2.30 $ 2.35
Extraordinary loss (3) .................................................. (0.06) -- --
--------- -------- --------
Net income .............................................................. $ 2.20 $ 2.30 $ 2.35
========= ======== ========
- ---------------
(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 all
stock splits.
(2) Based on the treasury stock method using the higher of the average or
period end market price.
(3) Represents the write-off of unamortized debt costs in March 1996
related to the refinancing of the Company's $550.0 million secured
revolving credit facility with a $650.0 million unsecured revolving
credit facility.