EXHIBIT 11
VF CORPORATION
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
--------------- --------------- ----------------- ----------------
OCTOBER 4 SEPTEMBER 28 OCTOBER 4 SEPTEMBER 28
1997 1996 1997 1996
--------------- --------------- ----------------- ---------------
PRIMARY EARNINGS PER SHARE
Net income $ 108,692 $ 91,048 $ 257,782 $ 216,870
Less Preferred Stock dividends
and redemption premium 1,325 1,054 3,593 3,305
--------------- --------------- ----------------- ---------------
Net income available to
common stockholders $ 107,367 $ 89,994 $ 254,189 $ 213,565
=============== =============== ================= ===============
Average number of common
shares outstanding 62,447 63,512 63,367 63,598
=============== =============== ================= ===============
Primary earnings per share $1.72 $1.42 $4.01 $3.36
=============== =============== ================= ===============
FULLY DILUTED EARNINGS PER SHARE
Net income $ 108,692 $ 91,048 $ 257,782 $ 216,870
Increased ESOP contribution
required if Preferred Stock were
converted to Common Stock 313 334 937 1,004
--------------- --------------- ----------------- ---------------
Fully diluted earnings $ 108,379 $ 90,714 $ 256,845 $ 215,866
=============== =============== ================= ===============
Average number of common
shares outstanding 62,447 63,512 63,367 63,598
Additional common equivalent shares
resulting from:
Conversion of Preferred Stock 1,472 1,516 1,483 1,536
Dilutive effect of stock options 790 413 816 433
--------------- --------------- ----------------- ---------------
Average number of common and
common equivalent shares 64,709 65,441 65,666 65,567
=============== =============== ================= ===============
Fully diluted earnings per share $1.67 $1.39 $3.91 $3.29
=============== =============== ================= ===============
11