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(11) STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE
YEARS ENDED
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OCTOBER 26, OCTOBER 27, OCTOBER 29,
1997 1996 1995
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Earnings per Common Share - Primary
Average shares outstanding 48,539,573 42,590,581 41,405,428
Net effect of dilutive stock options-based on the treasury
stock method using average market price (B) 87,916 113,688
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Totals 48,539,573 42,678,497 41,519,116
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Income (loss) from continuing operations $(35,710,842) $26,045,894 $11,202,369
Income from discontinued operations 397,816 8,136,588
Income from gain on sale of discontinued operations 22,080,375 5,532,748
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Net income (loss) $(35,710,842) $48,524,085 $24,871,705
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Per Share Amount:
Income (loss) from continuing operations $ (.74) $ .61 $ .27
Income from discontinued operations .01 .20
Income from gain on sale of discontinued operations .52 .13
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Net income (loss) $ (.74) $ 1.14 $ .60
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Earnings per Common Share - Fully Diluted:
Average shares outstanding 48,539,573 42,590,581 41,405,428
Net effect of dilutive stock options-based on the treasury
stock method using the year end market price, if higher
than average market price (B) 97,569 113,688
Assumed conversion of convertible debentures (A) 5,577,679 (A)
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Totals 48,539,573 48,265,829 41,519,116
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Income (loss) from continuing operations $(35,710,842) $26,045,894 $11,202,369
Add convertible debentures interest, net of
income tax (A) 4,806,760 (A)
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Total from continuing operations (35,710,842) 30,852,654 11,202,369
Income from discontinued operations 397,816 8,136,588
Income from gain on sale of discontinued operations 22,080,375 5,532,748
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Net income (loss) $(35,710,842) $53,330,845 $24,871,705
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Per Share Amount:
Income (loss) from continuing operations $ (.74) $ .64 $ .27
Income from discontinued operations .01 .20
Income from gain on sale of discontinued operations .45 .13
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Net income (loss) $ (.74) $ 1.10 $ .60
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(A) The 1997 and 1995 fully diluted computations exclude the effects of the
assumed conversion of the debentures because it had an antidilutive effect.
(B) For 1997, both primary and fully diluted loss per share computations exclude
the effects of common stock equivalents in the determination of the weighted
average number of shares outstanding because their inclusion had an
antidilutive effect.