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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)
Three Months Ended
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February 29, February 28,
1996 1995
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PRIMARY:
Net income $ 4,086 $ 435
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Weighted average common shares outstanding 32,350 32,380
Weighted average Series B convertible preferred shares(1) 6,500 6,500
Common share equivalents:
Stock options 971 863
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39,821 39,743
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PRIMARY EARNINGS PER SHARE(2) $ .10 $ .01
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FULLY DILUTED:
Net income $ 4,086 $ 435
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Weighted average common shares outstanding 32,350 32,380
Weighted average Series B convertible preferred shares(1) 6,500 6,500
Common share equivalents:
Stock options 1,019 927
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39,869 39,807
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FULLY DILUTED EARNINGS PER SHARE(2,3) $ .10 $ .01
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(1) Each of the 1,300 Series B convertible preferred shares is convertible
into five shares of common stock. On the mandatory conversion date of
April 1, 1996, each of the Company's 6,500,000 depositary shares, each
representing 1/5 of a Series B convertible preferred share was
converted into one share of the Company's 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 $.05 for the three months ended
February 29, 1996 and loss per share of $.06 for the three months ended
February 28, 1995.
(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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