SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this annual
report on Form 10-K to be signed on its behalf by the undersigned,
thereunto duly authorized, on the 14th day of March, 1996.
THE DOW CHEMICAL COMPANY
By: R. L. Kesseler
------------------------------------
R. L. Kesseler
Vice President and Controller
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Annual Report on Form 10-K has been signed on the 14th day of
March, 1996 by the following persons in the capacities indicated:
F. P. Popoff M. L. Dow
- --------------------------------- ------------------------------
F. P. Popoff, Director, Chairman M. L. Dow, Director
of the Board
W. S. Stavropoulos J. L. Downey
- --------------------------------- ------------------------------
W. S. Stavropoulos, Director, J. L. Downey, Director
President and Chief
Executive Officer
R. L. Kesseler E. C. Falla
- --------------------------------- ------------------------------
R. L. Kesseler, Vice President E. C. Falla, Director and
and Controller Executive Vice President
J. K. Barton B. H. Franklin
- --------------------------------- ------------------------------
J. K. Barton, Director B. H. Franklin, Director
D. T. Buzzelli A. D. Gilmour
- --------------------------------- ------------------------------
D. T. Buzzelli, Director and A. D. Gilmour, Director
Vice President
A. J. Carbone W. J. Neely
- --------------------------------- ------------------------------
A. J. Carbone, Director and W. J. Neely, Director
Vice President
F. P. Corson M. D. Parker
- --------------------------------- -------------------------------
F. P. Corson, Director and M. D. Parker, Director and
Vice President Vice President
J. C. Danforth J. P. Reinhard
- --------------------------------- ------------------------------
J. C. Danforth, Director J. P. Reinhard, Director,
Financial Vice President,
Treasurer and Chief Financial
Officer
W. D. Davis H. T. Shapiro
- --------------------------------- ------------------------------
W. D. Davis, Director H. T. Shapiro, Director
P. G. Stern
-----------------------------
P. G. Stern, Director
51
EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE
(In thousands except for per share amounts)
Correction - Incorrect File Transmission
1. Primary: Average common shares outstanding 1995 figure 268,243
replacing 368,243.
2. Fully Diluted: Total 1994 figure 281,001 replacing 278,527.
Year ended December 31
------------------------
1995 1994 1993
Primary:
Average common shares outstanding 268,243 276,094 273,620
------- ------- -------
Net income available for common stockholders $2,071,000 $931,000 $637,000
---------- -------- --------
Net earnings per common share $7.72 $3.37 $2.33
------ ----- -----
Note:In computing primary earnings per common share, no adjustment was made for
the net effect of dilutive stock options. The aggregate dilution produced
by common stock equivalents, based on the treasury stock method, is not
material.
Fully Diluted:
Average common shares outstanding 268,243 276,094 273,620
Net effect of dilutive stock options - based on
treasury stock method using the ending
market price, if higher than average
market price 4,975 4,907 5,085
------- ------- -------
Total 273,218 281,001 278,705
======= ======= =======
Net income available for common
stockholders $2,071,000 $931,000 $637,000
========== ======== ========
Net earnings per common share $7.58 $3.31 $2.29
===== ===== =====
Note:The aggregate dilution produced by common share equivalents is not
material and accordingly the fully diluted earnings per common share
need not be reported in the Company's Financial Statements as of
December 31, 1995.
70
