Exhibit 11
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H.B. Fuller Company and Consolidated Subsidiaries
Computation of Net Earnings Per Common Share
Years Ended November 29, 1997, November 30, 1996,
and November 30, 1995
(Dollars in thousands, except share amounts)
Pro Forma
1997 1996 1995 1995
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Primary
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Earnings:
Earnings before accounting change $40,308 $45,430 $28,195 $31,195
Dividends on preferred stock (15) (15) (15) (15)
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Earnings before acctg. chg. applicable to common stock 40,293 45,415 28,180 31,180
Cumulative effect of accounting change (3,368) - (2,532) (2,532)
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Earnings applicable to common stock $36,925 $45,415 $25,648 $28,648
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Shares:
Weighted average number of common shares outstanding 13,991,805 14,027,303 13,967,716 13,967,716
Common share equivalents of stock options outstanding
(determined by the treasury stock method using
average quarterly prices) 108,471 86,564 91,000 91,000
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Weighted average shares outstanding and common
stock equivalent shares 14,100,276 14,113,867 14,058,716 14,058,716
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Primary earnings per common share:
Earnings before accounting change per share $2.86 $3.22 $2.01 $2.22
Cumulative effect of accounting change per share (0.24) (0.18) (0.18)
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Net earnings per common share $2.62 $3.22 $1.83 $2.04
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This calculation is submitted in accordance with Securities Exchange Act of 1934
Release No. 9083 although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less that 3%.
Assuming full dilution
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Earnings:
Earnings are exactly the same as presented above
under primary.
Shares:
Weighted average number of common shares outstanding 13,991,805 14,027,303 13,967,716 13,967,716
Common share equivalents of stock options outstanding
(determined by the treasury stock method using
higher of quarter end or average quarterly prices) 108,718 92,122 90,701 90,701
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Weighted average shares outstanding and common
stock equivalent shares 14,100,523 14,119,425 14,058,417 14,058,417
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Earnings per common share assuming full dilution:
Earnings before accounting change per share $2.86 $3.22 $2.01 $2.22
Cumulative effect of accounting change per share (0.24) (0.18) (0.18)
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Net earnings per common share $2.62 $3.22 $1.83 $2.04
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