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 =============== =============== ================= ===============
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