EX-11 3 q053ex11.htm KIMBALL INTERNATIONAL INC EXHIBIT 11 Exhibit 11

Exhibit 11

KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

EARNINGS PER SHARE (Unaudited) (Unaudited)
FROM CONTINUING OPERATIONS Three Months Ended Three Months Ended
March 31, 2005 March 31, 2004
  
  
(Amounts in Thousands, Except for per Share Data) Class A Class B Total   Class A Class B Total  
Basic Earnings Per Share from Continuing Operations:
  Dividends Declared $ 2,176  $ 3,954  $ 6,130  $ 2,152  $ 3,928  $ 6,080 
  Undistributed Earnings (Loss) (1,297) (2,351) (3,648) (465) (831) (1,296)
 
  Income from Continuing Operations $   879  $ 1,603  $ 2,482  $ 1,687  $ 3,097  $ 4,784 
  Average Basic Shares Outstanding 13,562  24,590  38,152  13,685  24,426  38,111 
  Basic Earnings Per Share from Continuing
      Operations		 $0.06  $0.07    $0.12  $0.13   
Diluted Earnings Per Share from Continuing Operations:
  Dividends Declared and Assumed
       Dividends on Dilutive Shares		 $ 2,176  $ 3,961  $ 6,137  $ 2,152  $ 3,952  $ 6,104 
  Undistributed Earnings (Loss) (1,318) (2,337) (3,655) (476) (844) (1,320)
 
  Income from Continuing Operations $   858  $ 1,624  $ 2,482  $ 1,676  $ 3,108  $ 4,784 
  Average Diluted Shares Outstanding 13,956  24,765  38,721  13,907  24,675  38,582 
  Diluted Earnings Per Share from
       Continuing Operations		 $0.06  $0.07    $0.12  $0.13   
Reconciliation of Basic and Diluted EPS from Continuing Operations Calculations:            
  Income from Continuing Operations
      Used for Basic EPS Calculation		 $   879  $ 1,603 

$ 2,482 

  $ 1,687  $ 3,097 

$ 4,784 

  Assumed Dividends Payable on Dilutive Shares:
    Stock options --  --  --  --  20  20 
    Performance share awards --  7  7  --  4  4 
  (Reduction) Increase of Undistributed
     Earnings - allocated based on Class A
     and Class B shares		 (21) 14  (7)   (11) (13) (24)
  Income from Continuing Operations
      Used for Diluted EPS Calculation

$   858 

$ 1,624 

 $ 2,482    $ 1,676  $ 3,108  $ 4,784 
  Average Shares Outstanding for Basic
      EPS Calculation		 13,562  24,590  38,152    13,685 24,426  38,111 
  Dilutive Effect of Average Outstanding:
    Stock options --  --  --  --  125  125 
    Performance share awards --  49  49  --  24  24 
    Restricted share units 394  126  520  222  100  322 
  Average Shares Outstanding for Diluted
      EPS Calculation		 13,956  24,765  38,721    13,907  24,675  38,582 

Included in dividends declared for the basic and diluted earnings per share computation are dividends computed and accrued on unvested Class A and Class B restricted share units, which will be paid by a conversion to the equivalent value of common shares after a vesting period.

For the current year period, all 2,395,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation. For the prior year period, 462,000 out of 2,642,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation.

KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

EARNINGS PER SHARE   (Unaudited)   (Unaudited)
FROM CONTINUING OPERATIONS   Nine Months Ended   Nine Months Ended
    March 31, 2005   March 31, 2004
  
  
(Amounts in Thousands, Except for per Share Data) Class A Class B Total   Class A Class B Total  
Basic Earnings Per Share from Continuing Operations:            
  Dividends Declared $ 6,460  $ 11,838  $ 18,298  $ 6,408  $ 11,726  $ 18,134 
  Undistributed Earnings (Loss) (1,075) (1,941) (3,016) (751) (1,336) (2,087)
 
  Income from Continuing Operations $ 5,385  $  9,897  $ 15,282  $ 5,657  $ 10,390  $ 16,047 
  Average Basic Shares Outstanding 13,591  24,546  38,137  13,717  24,380  38,097 
  Basic Earnings Per Share from Continuing
      Operations		 $0.40  $0.40    $0.41  $0.43   
Diluted Earnings Per Share from Continuing Operations:
  Dividends Declared and Assumed
       Dividends on Dilutive Shares		 $ 6,460  $ 11,867  $ 18,327  $ 6,408  $ 11,760  $ 18,168 
  Undistributed Earnings (Loss) (1,095) (1,950) (3,045) (764) (1,357) (2,121)
 
  Income from Continuing Operations $ 5,365  $  9,917  $ 15,282  $ 5,644  $ 10,403  $ 16,047 
  Average Diluted Shares Outstanding 13,871  24,715  38,586  13,791  24,485  38,276 
  Diluted Earnings Per Share from
       Continuing Operations		 $0.39  $0.40    $0.41  $0.42   
Reconciliation of Basic and Diluted EPS from Continuing Operations Calculations:            
  Income from Continuing Operations
      Used for Basic EPS Calculation		 $ 5,385  $  9,897 

$ 15,282 

   $ 5,657  $ 10,390 

$ 16,047 

  Assumed Dividends Payable on Dilutive Shares:            
    Stock options --  --  --    --  23  23 
    Performance share awards --  29  29    --  11  11 
  Reduction of Undistributed Earnings -
     allocated based on Class A and
     Class B shares		 (20) (9) (29)   (13) (21) (34)
  Income from Continuing Operations
      Used for Diluted EPS Calculation

$ 5,365 

$  9,917 

 $ 15,282    $ 5,644  $ 10,403  $ 16,047 
  Average Shares Outstanding for Basic
      EPS Calculation		 13,591  24,546  38,137    13,717  24,380  38,097 
  Dilutive Effect of Average Outstanding:              
    Stock options --  --  --    --  48  48 
    Performance share awards --  61  61    --  23  23 
    Restricted share units 280  108  388    74  34  108 
  Average Shares Outstanding for Diluted
      EPS Calculation		 13,871  24,715  38,586    13,791  24,485  38,276 

Included in dividends declared for the basic and diluted earnings per share computation are dividends computed and accrued on unvested Class A and Class B restricted share units, which will be paid by a conversion to the equivalent value of common shares after a vesting period.

For the current year period, all 2,464,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation. For the prior year period, 1,108,000 out of 2,778,000 stock options outstanding were antidilutive and were excluded from the dilutive calculation.

KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

  EARNINGS PER SHARE (Unaudited)   (Unaudited)
  FROM DISCONTINUED OPERATIONS Three Months Ended   Three Months Ended
    March 31, 2005   March 31, 2004
   
 
  Basic:      
     Class A $(0.03)    $(0.01) 
     Class B $(0.04)    $(0.01) 
  Diluted:      
     Class A $(0.03)    $(0.01) 
     Class B $(0.03)    $(0.01) 
         
    (Unaudited)   (Unaudited)
Nine Months Ended Nine Months Ended
    March 31, 2005   March 31, 2004
  Basic:      
     Class A $(0.08)    $(0.05)
     Class B $(0.07)    $(0.06) 
  Diluted:      
     Class A $(0.08)    $(0.05) 
     Class B $(0.07)    $(0.05) 

KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

EARNINGS PER SHARE   (Unaudited)   (Unaudited)
(INCLUDING DISCONTINUED OPERATIONS)   Three Months Ended   Three Months Ended
    March 31, 2005   March 31, 2004
    
  
(Amounts in Thousands, Except for per Share Data) Class A Class B Total   Class A Class B Total  
Basic Earnings Per Share:
  Dividends Declared $ 2,176  $ 3,954  $ 6,130  $ 2,152  $ 3,928  $ 6,080 
  Undistributed Earnings (Loss) (1,710) (3,101) (4,811) (616) (1,097) (1,713)
 
  Net Income $    466  $    853  $ 1,319  $ 1,536  $ 2,831  $ 4,367 
  Average Basic Shares Outstanding 13,562  24,590  38,152  13,685  24,426  38,111 
  Basic Earnings Per Share $0.03  $0.03  $0.11  $0.12 
Diluted Earnings Per Share:
  Dividends Declared and Assumed
       Dividends on Dilutive Shares		 $ 2,176  $ 3,961  $ 6,137  $ 2,152  $ 3,952  $ 6,104 
  Undistributed Earnings (Loss) (1,737) (3,081) (4,818) (626) (1,111) (1,737)
 
  Net Income $    439  $    880  $ 1,319  $ 1,526  $ 2,841   $ 4,367 
             
  Average Diluted Shares Outstanding 13,956  24,765  38,721  13,907  24,675  38,582 
             
  Diluted Earnings Per Share $0.03  $0.04    $0.11  $0.12   

 

KIMBALL INTERNATIONAL, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE

EARNINGS PER SHARE   (Unaudited)   (Unaudited)
(INCLUDING DISCONTINUED OPERATIONS)   Nine Months Ended   Nine Months Ended
    March 31, 2005   March 31, 2004
    
  
(Amounts in Thousands, Except for per Share Data) Class A Class B Total   Class A Class B Total  
Basic Earnings Per Share:
  Dividends Declared $  6,460  $ 11,838  $ 18,298  $  6,408  $ 11,726  $ 18,134 
  Undistributed Loss (2,084) (3,764) (5,848) (1,471) (2,614) (4,085)
 
  Net Income $  4,376  $  8,074  $ 12,450  $  4,937  $   9,112  $ 14,049 
             
  Average Basic Shares Outstanding 13,591  24,546  38,137  13,717  24,380  38,097 
             
  Basic Earnings Per Share $0.32  $0.33  $0.36  $0.37 
             
Diluted Earnings Per Share:
  Dividends Declared and Assumed
       Dividends on Dilutive Shares		 $  6,460  $ 11,867  $ 18,327  $  6,408  $ 11,760  $ 18,168 
  Undistributed Loss (2,113) (3,764) (5,877) (1,484) (2,635) (4,119)
 
  Net Income $  4,347  $   8,103  $ 12,450  $  4,924  $   9,125  $ 14,049 
             
  Average Diluted Shares Outstanding 13,871  24,715  38,586  13,791  24,485  38,276 
             
  Diluted Earnings Per Share $0.31  $0.33  $0.36  $0.37