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RPM, INC. AND SUBSIDIARIES
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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)
Six Months Ended Three Months Ended
November 30, November 30,
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1998 1997 1998 1997
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Shares Outstanding
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For computation of basic earnings per
common share
Weighted average shares 107,216 98,122 110,630 98,178
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Total shares for basic earnings
per share 107,216 98,122 110,630 98,178
For computation of diluted earnings
per common share
Net issuable common share equivalents 717 889 617 947
Additional shares associated with
conversion of convertible securities 4,137 -- -- --
Additional shares issuable assuming
conversion of convertible securities -- 12,188 -- 12,188
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Total shares for diluted
earnings per share 112,070 111,199 111,247 111,313
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Net Income
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Net income applicable to common shares for
basic earnings per share $ 52,936 $ 49,631 $ 21,712 $ 21,445
Add back interest net of tax on convertible
securities assumed to be converted 1,002 2,728 -- 1,375
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Net income applicable to common shares for
diluted earnings $ 53,938 $ 52,359 $ 21,712 $ 22,820
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Basic Earnings Per Common Share $ .49 $ .51 $ .20 $ .22
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Diluted Earnings Per Common Share $ .48 $ .47 $ .20 $ .21
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The accompanying notes to consolidated financial statements are an integral part of these statements.