EXHIBIT 11
APPLIED POWER INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Endeed
May 31, May 31,
1994 1993 1994 1993
---------------------- ------------------------
PRIMARY:
Average shares outstanding . . . . . . . . 13,075 12,980 13,034 12,971
Net effect of dilutive options based
on the treasury stock method
using average market price . . . . . . . 300 150 199 126
-------- -------- -------- --------
Total . . . . . . . . . . . . . . . 13,375 13,130 13,233 13,097
======== ======== ======== ========
Net earnings (loss):
Earnings from continuing operations
before cumulative effect of
accounting change . . . . . . . . . . . $ 5,343 $ 3,853 $ 11,568 $ 8,903
Cumulative effect of accounting change . - - - (4,355)
Discontinued operations . . . . . . . . . - 30 (348) 833
--------- -------- -------- --------
Net earnings . . . . . . . . . . . $ 5,343 $ 3,883 $ 11,220 $ 5,381
========= ======== ========= =========
Primary earnings (loss) per share:
Earnings from continuing operations
before cumulative effect of
accounting change . . . . . . . . . . . $ 0.40 $ 0.29 $ 0.87 $ 0.68
Cumulative effect of accounting change . - - - (0.33)
Discontinued operations . . . . . . . . - - (0.03) 0.06
--------- --------- ---------- ---------
Total . . . . . . . . . . . . . . . $ 0.40 $ 0.30 $ 0.85 $ 0.41
========= ========= ========== =========
FULLY DILUTED: (A)
Average shares outstanding . . . . . . . . 13,075 12,980 13,034 12,971
Net effect of dilutive options based
on the treasury stock method
using average market price . . . . . . . 300 156 269 129
-------- -------- -------- --------
Total . . . . . . . . . . . . . . . 13,375 13,136 13,303 13,100
======== ======== ======== ========
Net earnings (loss):
Earnings from continuing operations
before cumulative effect of
accounting change . . . . . . . . . . . $ 5,343 $ 3,853 $ 11,568 $ 8,903
Cumulative effect of accounting change . - - - (4,355)
Discontinued operations . . . . . . . . - 30 (348) 833
--------- --------- -------- ---------
Net earnings . . . . . . . . . . . $ 5,343 $ 3,883 $ 11,220 $ 5,381
========= ========= ======== =========
Fully diluted earnings (loss) per share:
Earnings from continuing operations
before cumulative effect of
accounting change . . . . . . . . . . . $ 0.40 $ 0.29 $ 0.87 $ 0.68
Cumulative effect of accounting change . - - - (0.33)
Discontinued operations . . . . . . . . - - (0.03) 0.06
-------- --------- -------- --------
Total . . . . . . . . . . . . . . . $ 0.40 $ 0.30 $ 0.84 $ 0.41
======== ========= ======== ========
<FN>
(A) Dilution of less than 3%; therefore not presented in Condensed Consolidated Statement of Earnings.