1
RPM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPUTATIONS OF EARNINGS
PER COMMON SHARE AND COMMON SHARE EQUIVALENTS
(Unaudited)
EXHIBIT 11.1
(In thousands, except per share amounts)
Six Months Ended Three Months Ended
November 30, November 30,
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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 98,122 96,851 98,178 96,879
Net issuable common share equivalents 889 554 947 646
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Total shares for primary earnings
per share 99,011 97,405 99,125 97,525
For computation of fully-diluted earnings
per common share
Additional shares issuable assuming
conversion of convertible securities 12,188 12,209 12,188 12,209
Additional common shares equivalents;
ending market value higher than
average market value 52 268 0 180
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Total shares for fully-diluted
earnings per share 111,251 109,882 111,313 109,914
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NET INCOME
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Net income applicable to common shares for
primary earnings per share $ 49,631 $ 42,489 $ 21,445 $ 18,533
Add back interest net of tax on convertible
securities assumed to be converted 2,728 2,590 1,352 1,284
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Net income applicable to common shares for
fully-diluted earnings $ 52,359 $ 45,079 $ 22,797 $ 19,817
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Earnings Per Common Share and Common Share
Equivalents $ .50 $ .44 $ .22 $ .19
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Earnings Per Common Share Assuming Full
Dilution $ .47 $ .41 $ .21 $ .18
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* Data at November 30, 1996 has been restated to reflect a 25% stock dividend
issued on December 8, 1997.
The accompanying notes to consolidated financial statements are an integral part
of these statements.