EXHIBIT 11.1
MERRILL CORPORATION
SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS
(UNAUDITED)
THREE MONTHS NINE MONTHS
ENDED OCTOBER 31, ENDED OCTOBER 31,
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1997 1996 1997 1996
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Primary:
Net income........................................ $ 5,706,667 $ 4,376,851 $ 19,772,616 $ 13,293,346
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Weighted average number of common shares
outstanding during the period................... 16,258,722 15,816,150 16,068,965 15,771,984
Add common equivalent shares relating to
outstanding options to purchase common stock
using the treasury stock method................. 1,485,915 548,850 1,100,969 444,942
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Weighted average number of common and common
equivalent shares outstanding............... 17,744,637 16,365,000 17,169,934 16,216,926
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Primary income per common and common equivalent
shares outstanding................................ $.32 $.27 $1.15 $.82
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Fully diluted:
Net income........................................ $ 5,706,667 $ 4,376,851 $ 19,772,616 $ 13,293,346
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Weighted average number of common shares
outstanding during the period................... 16,258,722 15,816,150 16,068,965 15,771,984
Add common equivalent shares relating to
outstanding options to purchase common stock
using, the treasury stock method................ 1,536,525 639,278 1,200,335 594,872
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Weighted average number of common and common
equivalent shares outstanding............... 17,795,247 16,455,428 17,269,300 16,366,856
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Fully diluted income per common and common
equivalent shares outstanding..................... $.32 $.27 $1.14 $.81
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