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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)
Nine Months Three Months
Ended August 31, Ended August 31,
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1995 1994 1995 1994
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PRIMARY:
Net income $ 11,139 $ 30,885 $ 6,863 $ 10,784
============== ============== ============== ==============
Weighted average common shares
outstanding 32,385 32,475 32,391 32,359
Weighted average Series B convertible
preferred shares(1) 6,500 6,500 6,500 6,500
Common share equivalents:
Stock options 883 1,117 927 929
-------------- -------------- -------------- --------------
39,768 40,092 39,818 39,788
============== ============== ============== ==============
PRIMARY EARNINGS PER SHARE(2) $ .28 $ .77 $ .17 $ .27
============== ============== ============== ==============
FULLY DILUTED:
Net income $ 11,139 $ 30,885 $ 6,863 $ 10,784
============== ============== ============== ==============
Weighted average common shares
outstanding 32,385 32,475 32,391 32,359
Weighted average Series B convertible
preferred shares(1) 6,500 6,500 6,500 6,500
Common share equivalents:
Stock options 883 1,117 927 963
-------------- -------------- -------------- --------------
39,768 40,092 39,818 39,822
============== ============== ============== ==============
FULLY DILUTED EARNINGS PER SHARE(2)(3) $ .28 $ .77 $ .17 $ .27
============== ============== ============== ==============
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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 primary and
fully diluted earnings per share of $.11 and $.70 for the nine months
ended August 31, 1995 and 1994, respectively. The same computation would
have resulted in both primary and fully diluted earnings per share of $.13
and $.25 for the three months ended August 31, 1995 and August 31, 1994,
respectively.
(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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