1
RPM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPUTATIONS OF EARNINGS
PER COMMON SHARE AND COMMON SHARE EQUIVALENTS
(UNAUDITED)
EXHIBIT 11.1
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(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED AUGUST 31,
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1997 1996
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SHARES OUTSTANDING
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FOR COMPUTATION OF PRIMARY EARNINGS PER
COMMON SHARE
WEIGHTED AVERAGE SHARES 78,462 77,459
NET ISSUABLE COMMON SHARE EQUIVALENTS 672 373
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TOTAL SHARES FOR PRIMARY EARNINGS
PER SHARE 79,134 77,832
FOR COMPUTATION OF FULLY-DILUTED EARNINGS
PER COMMON SHARE
ADDITIONAL SHARES ISSUABLE ASSUMING
CONVERSION OF CONVERTIBLE SECURITIES 9,767 9,767
ADDITIONAL COMMON SHARES EQUIVALENTS;
ENDING MARKET VALUE HIGHER THAN
AVERAGE MARKET VALUE 114 73
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TOTAL SHARES FOR FULLY-DILUTED
EARNINGS PER SHARE 89,015 87,672
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NET INCOME
- ----------
NET INCOME APPLICABLE TO COMMON SHARES FOR
PRIMARY EARNINGS PER SHARE $ 28,186 $ 23,956
ADD BACK INTEREST NET OF TAX ON CONVERTIBLE
SECURITIES ASSUMED TO BE CONVERTED 1,352 1,284
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NET INCOME APPLICABLE TO COMMON SHARES FOR
FULLY-DILUTED EARNINGS $ 29,538 $ 25,240
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EARNINGS PER COMMON SHARE AND COMMON SHARE
EQUIVALENTS $ .36 $ .31
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EARNINGS PER COMMON SHARE ASSUMING FULL
DILUTION $ .33 $ .29
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THE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ARE AN INTEGRAL PART
OF THESE STATEMENTS.