Exhibit 11
VF CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
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SEPTEMBER 28 SEPTEMBER 30 SEPTEMBER 28 SEPTEMBER 30
1996 1995 1996 1995
------------ ------------ ------------ ------------
PRIMARY EARNINGS PER SHARE
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Net income $ 91,048 $ 69,718 $ 216,870 $ 192,908
Less Preferred Stock dividends and redemption
premium 1,054 931 3,305 2,768
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Net income available to common stockholders $ 89,994 $ 68,787 $ 213,565 $ 190,140
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Average number of common shares outstanding 63,512 63,891 63,598 63,789
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Primary earnings per share $ 1.42 $ 1.08 $ 3.36 $ 2.98
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FULLY DILUTED EARNINGS PER SHARE
- --------------------------------
Net income $ 91,048 $ 69,718 $ 216,870 $ 192,908
Increased ESOP contribution required if Preferred
Stock were converted to Common Stock 334 364 1,004 1,090
---------- ---------- ---------- ----------
Fully diluted earnings $ 90,714 $ 69,354 $ 215,866 $ 191,818
========== ========== ========== ==========
Average number of common shares outstanding 63,512 63,891 63,598 63,789
Additional common equivalent shares resulting from:
Conversion of Preferred Stock 1,516 1,582 1,536 1,591
Dilutive effect of stock options and restricted shares 413 372 433 445
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Average number of common and common equivalent
shares 65,441 65,845 65,567 65,825
========== ========== ========== ==========
Fully diluted earnings per share $ 1.39 $ 1.05 $ 3.29 $ 2.91
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11