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EXHIBIT 11.1
RPM, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF COMPUTATIONS OF EARNINGS
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PER COMMON SHARE AND COMMON SHARE EQUIVALENTS
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(In thousands except per share amounts)
Year Ended May 31
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1994 1993 1992
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(Restated) (Restated)
NET INCOME
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Net income applicable to common shares
for primary earnings per share $52,640 $39,498 $38,481
Add back interest net of tax on con-
vertible securities assumed to be
converted 4,850 5,024 2,025
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Net income applicable to common shares
for fully-diluted earnings per share $57,490 $ 44,522 $ 40,506
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SHARES OUTSTANDING
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For computation of primary earnings per
common share
Weighted average shares 56,379 52,925 52,453
Net issuable common share equivalents 338 342 337
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Total shares for primary earnings
per share 56,717 53,267 52,790
For computation of fully-diluted earnings
per common share
Additional shares of issuable common
share equivalents assuming conversion
of convertible securities 8,149 8,885 3,676
Additional common share equivalents
ending market value higher than
average market value 10 62 40
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Total shares for fully-diluted
earnings per share 64,876 62,214 56,506
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EARNINGS PER COMMON SHARE AND COMMON SHARE
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EQUIVALENTS $.93 $.74 $.73
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EARNINGS PER COMMON SHARE ASSUMING FULL
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DILUTION $.89 $.72 $.72
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Data for May 31, 1993 and 1992, has been restated to include two acquisitions
during the year ended May 31, 1994, which were accounted for as poolings of
interests.