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EXHIBIT 11
FERRO CORPORATION AND SUBSIDIARIES
STATEMENT REGARDING COMPUTATION OF EARNINGS PER SHARE
3 Months 3 Months
(Dollars in Thousands) March March
1997 1996
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PRIMARY:
Weighted average shares and common stock equivalents 25,931,456 26,934,790
Net Income $ 15,194 $ 13,151
Less Preferred Stock Dividend, Net of Tax (941) (931)
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Income Available to Common Shareholders $ 14,253 $ 12,220
PRIMARY EARNINGS PER COMMON SHARE $ 0.55 $ 0.45
FULLY DILUTED:
Weighted average shares and common stock equivalents 25,931,456 26,934,790
Adjustments (primarily assumed conversion of
convertible preferred stock) 2,311,679 2,515,204
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28,243,135 29,449,994
Net Income $ 15,194 $ 13,151
Additional ESOP Contribution, Net of Tax (470) (495)
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Adjusted Net Income $ 14,724 $ 12,656
FULLY DILUTED EARNINGS PER SHARE $ 0.52 $ 0.43