Exhibit 11
CRANE CO. AND SUBSIDIARIES
Exhibit 11 to FORM 10-K
Annual Report for the Year Ended December 31, 2002
Computation of Net Income Per Share
(In Thousands, Except Per Share Data)
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| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 1998 |
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Basic |
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Income from continuing operations | $ | 16,628 |
| $ | 88,620 |
| $ | 123,729 |
| $ | 100,898 |
| $ | 124,842 |
| ||
Income from discontinued operations |
| — |
|
| — |
|
| — |
|
| 13,672 |
|
| 13,596 |
| ||
Cumulative effect of a change in accounting principle |
| (28,076 | ) |
| — |
|
| — |
|
| — |
|
| — |
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Net (loss) income | $ | (11,448 | ) | $ | 88,620 |
| $ | 123,729 |
| $ | 114,570 |
| $ | 138,438 |
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Income from continuing operations | $ | 0.28 |
| $ | 1.48 |
| $ | 2.03 |
| $ | 1.51 |
| $ | 1.82 |
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Income from discontinued operations |
| — |
|
| — |
|
| — |
|
| .20 |
|
| .20 |
| ||
Cumulative effect of a change in accounting principle |
| (0.47 | ) |
| — |
|
| — |
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| — |
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| — |
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Net (loss) income per share | $ | (0.19 | ) | $ | 1.48 |
| $ | 2.03 |
| $ | 1.71 |
| $ | 2.02 |
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Weighted average number of basic shares |
| 59,728 |
|
| 59,825 |
|
| 60,919 |
|
| 66,981 |
|
| 68,555 |
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Diluted |
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Income from continuing operations | $ | 16,628 |
| $ | 88,620 |
| $ | 123,729 |
| $ | 100,898 |
| $ | 124,842 |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Income from discontinued operations |
| — |
|
| — |
|
| — |
|
| 13,672 |
|
| 13,596 |
| ||
Cumulative effect of a change in accounting principle |
| (28,076 | ) |
| — |
|
| — |
|
| — |
|
| — |
| ||
|
|
|
|
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Net (loss) income | $ | (11,448 | ) | $ | 88,620 |
| $ | 123,729 |
| $ | 114,570 |
| $ | 138,438 |
| ||
|
|
|
|
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Income from continuing operations | $ | 0.28 |
| $ | 1.47 |
| $ | 2.02 |
| $ | 1.50 |
| $ | 1.80 |
| ||
Income from discontinued operations |
| — |
|
| — |
|
| — |
|
| .20 |
|
| .20 |
| ||
Cumulative effect of a change in accounting principle |
| (0.47 | ) |
| — |
|
| — |
|
| — |
|
| — |
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Net (loss) income per share | $ | (0.19 | ) | $ | 1.47 |
| $ | 2.02 |
| $ | 1.70 |
| $ | 2.00 |
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Weighted average number of basic shares |
| 59,728 |
|
| 59,825 |
|
| 60,919 |
|
| 66,981 |
|
| 68,555 |
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Add: |
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Adjustment to basic shares for dilutive stock options * |
| — |
|
| 530 |
|
| 480 |
|
| 479 |
|
| 813 |
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Total weighted average number of shares |
| 59,728 |
|
| 60,355 |
|
| 61,399 |
|
| 67,460 |
|
| 69,368 |
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* For the year ended 2002, 318,000 shares attributable to the exercise of outstanding options were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive. | |||||||||||||||||