compute the p e ratio for each year 613763

1997

1996

1995

Earnings before cumulative effect of

accounting change

$30,574

$2,840

$20,202

Cumulative effect of changing the

accounting for inventories, net

of tax expense of $1,922

—

3,006

—

Net earnings

$30,574

$5,846

$20,202

The following figures are on a per share basis:

1997

1996

1995

Earnings before cumulative effect of

accounting change

$ 20.55

$ 1.91

$ 13.58

Cumulative effect of changing the

accounting for inventories, net

of tax expense

—

2.02

—

Net earnings

$ 20.55

$ 3.93

$ 13.58

Price per share

$ 440

$ 266

$ 269