Statements of Consolidated Shareholders' Equity

Automatic Data Processing, Inc. and Subsidiaries
(In thousands, except per share amounts)

Common Stock
Shares
Amount
Capital in Excess of Par Value
Retained Earnings
Treasury Stock
Balance, July 1, 1993, as previously reported
157,117
$15,712
$300,010
$1,630,135
$451,401
Two-for-one stock split as of January 1, 1996
157,117
15,712
(15,712)
-
-
Employee stock plans and related tax benefits
23,699
(47,986)
Treasury stock acquired (5,158 shares)
129,389
Net earnings
329,320
Dividends ($.27 per share)
(76,031)
Other transactions
1,320
(1)
109
Balance, June 30, 1994
314,234
31,424
309,317
1,883,423
532,913
Employee stock plans and related tax benefits
43,498
(39,384)
Treasury stock acquired (438 shares)
13,146
Acquisitions (2,956 shares)
(13,045)
(6,206)
(37,225)
Net earnings
394,830
Dividends ($.3125 per share)
(89,224)
Other transactions
12,137
15
104
Balance, June 30, 1995
314,234
31,424
351,907
2,182,838
469,554
Employee stock plans and related tax benefits
68,286
(37,080)
Treasury stock acquired (6,640 shares)
245,224
Acquisitions (1,513 shares)
4,007
12,530
(17,809)
Net earnings
454,700
Dividends ($.3875 per share)
(112,116)
Other transactions
43
4
(18,000)
345
Balance, June 30, 1996
314,277
$31,428
$406,200
$2,537,952
$660,234

See notes to consolidated financial statements.