EXHIBIT 11
AUTOMATIC DATA PROCESSING, INC.
AND SUBSIDIARIES
CALCULATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
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Year ended June 30,
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2000 1999 1998 1997 1996
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BASIC EARNINGS PER SHARE:
Net earnings applicable to common shares $840,800 $696,840 $608,262 $515,244 $454,747
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Average number of common shares outstanding 626,766 615,630 600,803 588,112 582,861
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Basic earnings per share $ 1.34 $ 1.13 $ 1.01 $ 0.88 $ 0.78
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DILUTED EARNINGS PER SHARE:
Net earnings used in basic earnings per share $840,800 $696,840 $608,262 $515,244 $454,747
Adjustment for interest (net of tax) - zero coupon
convertible subordinated notes (5 1/4% yield) 2,912 3,607 7,833 11,302 11,703
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Net earnings used for diluted earnings per share $843,712 $700,447 $616,095 $526,546 $466,450
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Average number of shares outstanding on a
diluted basis:
Shares used in calculating basic earnings per share 626,766 615,630 600,803 588,112 582,861
Diluted effect of all stock options outstanding
after application of treasury stock method 14,823 15,306 13,363 12,633 12,317
Shares assumed to be issued upon conversion of
Debentures-Zero coupon convertible
subordinated notes (5 1/4% yield) 4,509 5,956 14,030 19,372 20,720
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Average number of shares outstanding on a
diluted basis 646,098 636,892 628,196 620,117 615,898
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Diluted earnings per share $ 1.31 $ 1.10 $ 0.98 $ 0.85 $ 0.76
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