EXHIBIT 11.1
CALLAWAY GOLF COMPANY
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
Three months ended June 30, Six months ended June 30,
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1997 1996 1997 1996
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Primary earnings per share computation:
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Net income $46,821 $38,937 $71,288 $58,392
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Weighted average shares outstanding 67,528 66,657 67,771 66,369
Dilutive options 3,200 3,847 3,473 3,680
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Common equivalent shares 70,728 70,504 71,244 70,049
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Primary earnings per share:
Net income $ .66 $ .55 $ 1.00 $ .83
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Fully diluted earnings per share
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computation:
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Net income $46,821 $38,937 $71,288 $58,392
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Weighted average shares outstanding 67,528 66,657 67,771 66,369
Dilutive options 3,458 4,146 3,601 4,050
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Common equivalent shares 70,986 70,803 71,372 70,419
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Fully diluted earnings per share:
Net income $ .66 $ .55 $ 1.00 $ .83
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