TOLL BROTHERS, INC. & SUBSIDIARIES EXHIBIT 11
STATEMENT: COMPUTATION OF EARNINGS PER SHARE
Six Months Three Months
ended April 30 ended April 30
1994 1994
Net income per income statement $12,855,000 $ 4,350,000
Addback: Interest on convertible
debentures, net of income taxes 320,000 271,000
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Net income (Fully diluted) $13,175,000 $ 4,621,000
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Earnings per share:
Primary $ 0.38 $ 0.13
Fully Diluted $ 0.37 $ 0.13
PRIMARY SHARES:
Weighted average shares outstanding 33,376,043 33,412,331
Common stock equivalents - stock options 332,268 263,805
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TOTAL 33,708,311 33,676,136
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FULLY DILUTED SHARES:
Weighted average shares outstanding 33,375,447 33,412,331
Common stock equivalents - stock options 386,354 263,788
Shares issuable on conversion of
subordinated debentures 1,473,932 2,641,095
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TOTAL 35,235,733 36,317,214
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