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EXHIBIT 11 - STATEMENT RE: COMPUTATION OF PER SHARE EARNINGS
SUDBURY, INC. AND SUBSIDIARIES
Year Ended May 31,
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1996 1995 1994
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(Amounts in thousands, except per share data)
PRIMARY
Average shares outstanding 10,518 10,376 10,071
Net effect of dilutive stock
options and other common
stock equivalents - based
on the treasury stock
method using average
market price 2,297 2,275 2,259
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TOTAL 12,815 12,651 12,330
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Net income $15,871 $13,572 $ 6,830
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Per share amount $ 1.24 $ 1.07 $ .55
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FULLY DILUTED
Average shares outstanding 10,518 10,376 10,071
Net effect of dilutive stock
options and other common
stock equivalents - based
on the treasury stock method
using the year-end
market price if higher than
average market price 2,365 2,294 2,411
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TOTAL 12,883 12,670 12,482
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Net income $15,871 $13,572 $ 6,830
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Per share amount $ 1.23 $ 1.07 $ .55
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