1
RPM, INC. AND SUBSIDIARIES 15
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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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(Unaudited)
(In thousands, except per share amounts)
Exhibit 11.1
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Six Months Ended Three Months Ended
November 30, November 30,
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1996 1995 1996 1995
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(Restated) (Restated)
SHARES OUTSTANDING
For computation of primary earnings per
common share
Weighted average shares 77,481 74,904 77,503 74,904
Net issuable common share equivalents 443 459 517 459
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Total shares for primary earnings
per share 77,924 75,363 78,020 75,363
For computation of fully-diluted earnings
per common share
Additional shares issuable assuming
conversion of convertible securities 9,767 9,767 9,767 9,767
Additional common shares equivalents;
ending market value higher than
average market value 214 83 144 83
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Total shares for fully-diluted
earnings per share 87,905 85,213 87,931 85,213
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NET INCOME
Net income applicable to common shares
for primary earnings per share $42,489 $36,251 $18,533 $16,258
Add back interest net of tax on convertible
securities assumed to be converted 2,590 2,459 1,306 1,219
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Net income applicable to common shares for
fully-diluted earnings $45,079 $38,710 $19,839 $17,477
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Earnings Per Common Share and Common
Share Equivalents $.55 $.48 $.24 $.22
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Earnings Per Common Share Assuming Full
Dilution $.51 $.45 $.23 $.21
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<FN>
*Data for November 30, 1995 has been restated to reflect the January 12, 1996 acquistion of TCI, Inc.
accounted for under the pooling-of-interests method.
The accompanying notes to consolidated financial statements are an integral part
of these statements.