1
RPM, INC. AND SUBSIDIARIES 14
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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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Nine Months Ended Three Months Ended
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February 28, February 29, February 28, February 29,
1997 1996 1997 1996
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Shares Outstanding
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For computation of primary earnings per
common share
Weighted average shares 77,639 75,737 77,965 75,737
Net issuable common share equivalents 488 427 583 427
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Total shares for primary earnings
per share 78,127 76,164 78,548 76,164
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 101 0 0 0
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Total shares for fully-diluted
earnings per share 87,995 85,931 88,315 85,931
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Net Income
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Net income applicable to common shares
for primary earnings per share $49,997 $44,298 $ 7,508 $ 8,047
Add back interest net of tax on convertible
securities assumed to be converted 3,907 3,710 1,317 1,251
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Net income applicable to common shares for
fully-diluted earnings $53,904 $48,008 $ 8,825 $ 9,298
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Earnings Per Common Share and Common
Share Equivalents $ .64 $ .58 $ .10 $ .11
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Earnings Per Common Share Assuming Full
Dilution $ .61 $ .56 $ .10 $ .11
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The accompanying notes to consolidated financial statements are an integral part
of these statements.