Crane NXT (CXT) 10-K 2003 FY Annual report

CRANE CO. AND SUBSIDIARIES

Exhibit 11 to FORM 10-K

Annual Report for the Year Ended December 31, 2003

Computation of Net Income Per Share

(In Thousands, Except Per Share Data)

	2003		2002				2001		2000		1999
Basic
Income from continuing operations	$	104,303	$	16,628			$	88,620	$	123,729	$	100,898
Income from discontinued operations		—		—				—		—		13,672
Cumulative effect of a change in accounting principle		—		(28,076	)			—		—		—
Net income (loss)	$	104,303	$	(11,448	)		$	88,620	$	123,729	$	114,570
Income from continuing operations	$	1.76	$	0.28			$	1.48	$	2.03	$	1.51
Income from discontinued operations		—		—				—		—		.20
Cumulative effect of a change in accounting principle		—		(0.47	)			—		—		—
Net income (loss) per share	$	1.76	$	(0.19	)		$	1.48	$	2.03	$	1.71
Weighted average number of basic shares		59,394		59,728				59,825		60,919		66,981
Diluted
Income from continuing operations	$	104,303	$	16,628			$	88,620	$	123,729	$	100,898
Income from discontinued operations		—		—				—		—		13,672
Cumulative effect of a change in accounting principle		—		(28,076	)			—		—		—
Net income (loss)	$	104,303	$	(11,448	)		$	88,620	$	123,729	$	114,570
Income from continuing operations	$	1.75	$	0.28		��	$	1.47	$	2.02	$	1.50
Income from discontinued operations		—		—				—		—		.20
Cumulative effect of a change in accounting principle		—		(0.47	)			—		—		—
Net income (loss) per share	$	1.75	$	(0.19	)		$	1.47	$	2.02	$	1.70
Weighted average number of basic shares		59,394		59,728				59,825		60,919		66,981
Add:
Adjustment to basic shares for dilutive stock options *		322		—				530		480		479
Total weighted average number of shares		59,716		59,728				60,355		61,399		67,460

* 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.