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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)
Exhibit 11.1
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(In thousands, except per share amounts)
Three Months Ended August 31,
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1998 1997
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Restated *
Shares Outstanding
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For computation of basic earnings per
common share
Weighted average shares 103,840 98,077
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Total shares for basic earnings
per share 103,840 98,077
For computation of diluted earnings
per common share
Net issuable common share equivalents 807 839
Additional shares associated with
conversion of convertible securities 8,217 --
Additional shares issuable assuming
conversion of convertible securities --- 12,208
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Total shares for diluted
earnings per share 112,864 111,124
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Net Income
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Net income applicable to common shares for
basic earnings per share $31,224 $28,186
Add back interest net of tax on convertible
securities assumed to be converted 992 1,352
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Net income applicable to common shares for
diluted earnings $32,216 $29,538
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Basic Earnings Per Common Share $.30 $.29
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Diluted Earnings Per Common Share $.29 $.27
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* Data for August 31, 1997 has been restated to reflect a 25% stock dividend
issued of December 8, 1997.
The accompanying notes to consolidated financial statements are an integral part
of these statements.