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)
Three Months Ended August 31,
------------------------------------------------------
1999 1998
------------------------ ------------------------
Shares Outstanding
- ------------------
For computation of basic earnings per
common share
Weighted average shares 109,465 103,840
------------------------ ------------------------
Total shares for basic earnings
per share 109,465 103,840
For computation of diluted earnings
per common share
Net issuable common share equivalents 384 807
Additional shares associated with
conversion of convertible securities --- 8,217
------------------------ ------------------------
Total shares for diluted
earnings per share 109,849 112,864
======================== ========================
Net Income
- ----------
Net income applicable to common shares for
basic earnings per share $7,264 $31,224
Add back interest net of tax on convertible
securities assumed to be converted --- 992
------------------------ ------------------------
Net income applicable to common shares for
diluted earnings $7,264 $32,216
======================== ========================
Basic Earnings Per Common Share $.07 $.30
==== ====
Diluted Earnings Per Common Share $.07 $.29
==== ====
The accompanying notes to consolidated financial statements are an integral part
of these statements.