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COMPUTATION OF EARNINGS PER COMMON SHARE EXHIBIT 11
Fabri-Centers of America, Inc.
(Thousands of dollars, except share and per share data)
Thirteen Weeks Ended Fifty-Two Weeks Ended
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January 28, January 29, January 28, January 29,
1995 1994 1995 1994
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PRIMARY EARNINGS PER SHARE:
Earnings from continuing operations before cumulative effect
of accounting change $ 14,114 $ 10,540 $ 11,734 $ 6,959
Discontinued operation:
Provision for loss on disposal, including estimated operating loss to be
incurred through disposal date, net of tax benefit - (5,201) - (5,201)
------------ ------------ ------------ ------------
Earnings before cumulative effect of accounting change 14,114 5,339 11,734 1,758
Cumulative effect of accounting change - - - 399
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Net earnings $ 14,114 $ 5,339 $ 11,734 $ 2,157
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Weighted average shares of common stock outstanding during the period 9,209,534 9,084,161 9,156,526 9,079,127
Incremental shares from assumed exercise of stock options (primary) 204,523 250,898 187,137 205,394
------------ ------------ ------------ ------------
9,414,057 9,335,059 9,343,663 9,284,521
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Primary earnings (loss) per common share:
Earnings from continuing operations before cumulative effect
of accounting change $ 1.50 $ 1.13 $ 1.26 $ 0.75
Loss from discontinued operation - (0.56) - (0.56)
------------ ------------ ------------ ------------
Earnings before cumulative effect of accounting change 1.50 0.57 1.26 0.19
Cumulative effect of accounting change - - - 0.04
------------ ------------ ------------ ------------
Net earnings $ 1.50 $ 0.57 $ 1.26 $ 0.23
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FULLY DILUTED EARNINGS PER SHARE:
Earnings from continuing operations before cumulative effect
of accounting change $ 14,114 $ 10,540 $ 11,734 $ 6,959
Interest expense applicable to 6 1/4% convertible subordinated
debentures, net of tax 548 556 2,190 2,226
------------ ------------ ------------ ------------
14,662 11,096 13,924 9,185
Discontinued operation:
Provision for loss on disposal, including estimated operating loss to be
incurred through disposal date, net of tax benefit - (5,201) - (5,201)
------------ ------------ ------------ ------------
Earnings before cumulative effect of accounting change 14,662 5,895 13,924 3,984
Cumulative effect of accounting change - - - 399
------------ ------------ ------------ ------------
Net earnings $ 14,662 $ 5,895 $ 13,924 $ 4,383
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Weighted average shares of common stock outstanding during the period 9,209,534 9,084,161 9,156,526 9,079,127
Incremental shares from assumed exercise of stock options (fully diluted) 230,600 297,758 217,973 359,622
Incremental shares from assumed conversion of 6 1/4% convertible
subordinated debentures 1,168,882 1,168,882 1,168,882 1,168,882
------------ ------------ ------------ ------------
10,609,016 10,550,801 10,543,381 10,607,631
============ ============ ============ ============
Fully diluted earnings (loss) per common share:
Earnings from continuing operations before cumulative effect
of accounting change $ 1.38 $ 1.05 $ 1.32 $ 0.86
Loss from discontinued operation - (0.49) - (0.49)
------------ ------------ ------------ ------------
Earnings before cumulative effect of accounting change 1.38 0.56 1.32 0.37
Cumulative effect of accounting change - - - 0.04
------------ ------------ ------------ ------------
Net earnings $ 1.38 $ 0.56 $ 1.32 $ 0.41
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[FN]
Note: This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No. 15
because it produces an anti-dilutive result.
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