DEERE & COMPANY AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF NET INCOME PER SHARE
For the Five Years Ended October 31, 1997 (All amounts other than per share data are stated in thousands)
Year Ended October 31 -------------------------------------------------------------- 1997 1996 1995 1994 1993 -------- -------- -------- -------- ---------- 1. Net income (loss)..................... $960,116 $817,286 $706,105 $603,563 $(920,860) 2. Adjustment - Interest expense, after income tax benefit, applicable to convertible debentures outstanding.............. 12 20 22 35 60 -------- -------- -------- -------- ---------- 3. Net income (loss) applicable to common stock - before interest applicable to convertible debentures.......... $960,128 $817,306 $706,127 $603,598 $ (920,800) -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- PRIMARY NET INCOME PER COMMON SHARE: Shares: 4. Weighted average number of common shares outstanding................. 253,723 260,547 260,494 258,438 231,847 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- 5. Incremental shares: Dilutive common stock options....... 2,794 2,370 1,647 1,359 3,000 Dilutive stock appreciation rights.. 18 44 58 144 66 Dilutive contingent shares.......... 174 122 -------- -------- -------- -------- ---------- Total incremental shares.......... 2,986 2,536 1,705 1,503 3,066 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
6. Primary net income (loss) per common share (1 divided by 4).............. $ 3.78* $ 3.14* $ 2.71* $ 2.34* $ (3.97)* -------- -------- -------- -------- ---------- -------- -------- -------- -------- ---------- FULLY DILUTED NET INCOME PER COMMON SHARE: Shares: 7. Weighted average number of common shares outstanding.................. 253,723 260,547 260,494 258,438 231,874 8. Incremental shares: Dilutive common stock options....... 2,794 2,497 1,833 1,503 3,378 Dilutive stock appreciation rights.. 19 45 67 147 126 Dilutive contingent shares.......... 174 122 9. Common equivalent shares from assumed conversion of convertible debentures: 5-1/2% debentures due 2001........ 34 51 54 57 150 -------- -------- -------- -------- ---------- 10. Total............................. 256,744 263,262 262,448 260,145 235,528 -------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
11. Fully diluted net income (loss) per common share (3 divided by 10)...... $ 3.78* $ 3.14* $ 2.71* $ 2.34* $ (3.97)* -------- -------- -------- -------- ---------- -------- -------- -------- -------- ----------
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* Net income per common share outstanding was used in the designated calculations since the dilutive effect of common stock options, stock appreciation rights, contingent shares and assumed conversion of convertible debentures was either immaterial or antidilutive. All share and per share amounts have been adjusted retroactively for a three-for-one stock split effective November 17, 1995.