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EXHIBIT 11
KAUFMAN AND BROAD HOME CORPORATION
STATEMENT OF COMPUTATION OF PER SHARE EARNINGS
(In Thousands Except Per Share Amounts - Unaudited)
Six Months Ended May 31, Three Months Ended May 31,
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1995 1994 1995 1994
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PRIMARY:
Net income $ 4,276 $20,101 $ 3,841 $11,247
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Weighted average common shares outstanding
32,382 32,533 32,384 32,475
Weighted average Series B convertible
preferred shares(1) 6,500 6,500 6,500 6,500
Common share equivalents:
Stock options 865 1,214 873 1,150
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39,747 40,247 39,757 40,125
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PRIMARY EARNINGS PER SHARE(2) $ .11 $ .50 $ .10 $ .28
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FULLY DILUTED:
Net income $ 4,276 $20,101 $ 3,841 $11,247
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Weighted average common shares outstanding 32,382 32,533 32,384 32,475
Weighted average Series B convertible
preferred shares(1) 6,500 6,500 6,500 6,500
Common share equivalents:
Stock options 910 1,214 922 1,150
------- ------- ------- -------
39,792 40,247 39,806 40,125
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FULLY DILUTED EARNINGS PER SHARE(2)(3) $ .11 $ .50 $ .10 $ .28
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1 Each of the 1,300 Series B convertible preferred shares is convertible into
five shares of common stock.
2 If, for purposes of calculating primary and fully diluted earnings per share,
the Series B convertible preferred shares were excluded from the weighted
average shares outstanding and the related dividends deducted from net income,
the computations would have resulted in both a primary and fully diluted loss
per share of $.02 for the six months ended May 31, 1995 and primary and fully
diluted earnings per share of $.45 for the six months ended May 31, 1994. The
same computation would have resulted in both primary and fully diluted
earnings per share of $.04 and $.26 for the three months ended May 31, 1995
and May 31, 1994.
3 Fully diluted earnings per share is not disclosed in the Company's
consolidated financial statements since the maximum dilutive effect is not
material.
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