1
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - EXHIBIT 11
Forty Weeks Ended
August 3, August 4,
1997 1996
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Earnings per Common Share - Primary
Average shares outstanding 48,531,790 41,607,778
Net effect of dilutive stock options-based on the treasury
stock method using average market price 36,203 101,502
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Totals 48,567,993 41,709,280
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Income from continuing operations $ 290,309 $14,675,468
Income from discontinued operations 397,816
Gain on sale of discontinued operations, net of income taxes 22,080,375
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Net income $ 290,309 $37,153,659
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Per Share amount:
Income from continuing operations $ .01 $ .35
Income from discontinued operations .01
Gain on sale of discontinued operations, net of income taxes .53
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Net income $ .01 $ .89
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Earnings per Common Share - Fully Diluted:
Average shares outstanding 48,531,790 41,607,778
Net effect of dilutive stock options-based on the treasury
stock method using the average market price 36,203 113,480
Assumed conversion of convertible debentures (A) 5,205,632
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Totals 48,567,993 46,926,890
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Income from continuing operations $ 290,309 $14,675,468
Add convertible debentures interest,
net of income tax (A) 3,524,982
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Total from continuing operations 290,309 18,200,450
Income from discontinued operations 397,816
Gain on sale of discontinued operations, net of income taxes 22,080,375
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Net income $ 290,309 $40,678,641
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Per Share amount:
Income from continuing operations $ .01 $ .39
Income from discontinued operations .01
Gain on sale of discontinued operations, net of income taxes .47
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Net income $ .01 $ .87
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(A) For the forty weeks ended August 3, 1997, both primary and fully
diluted earnings per share utilized average shares outstanding and common stock
equivalents. No consideration was given to the convertible debentures as they
had an anti-dilutive effect.
2
STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE - EXHIBIT 11
Twelve Weeks Ended
August 3, August 4,
1997 1996
----------- ----------
Earnings per Common Share - Primary
Average shares outstanding 48,568,109 41,660,319
Net effect of dilutive stock options-based on the treasury
stock method using average market price 28,320 148,352
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Totals 48,596,429 41,808,671
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Net income $ 8,766,650 $ 6,620,895
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Per Share amount:
Net income $ .18 $ .16
=========== ===========
Earnings per Common Share - Fully Diluted:
Average shares outstanding 48,568,109 41,660,319
Net effect of dilutive stock options-based on the treasury
stock method using the average market price 28,320 148,352
Assumed conversion of convertible debentures (A) (A)
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Totals 48,596,429 41,808,671
=========== ===========
Income from continuing operations $ 8,766,650 $ 6,620,895
Add convertible debentures interest,
net of income tax (A) (A)
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Net income $ 8,766,650 $ 6,620,895
=========== ===========
Per Share amount:
Net income $ .18 $ .16
=========== ===========
(A) For the third quarter of 1997 and 1996, both primary and fully diluted
earnings per share utilized average shares outstanding and common stock
equivalents. No consideration was given to the convertible debentures as they
had an anti-dilutive effect.