Exhibit 11
Arvin Industries, Inc.
Computation of Earnings Per Share of Common Stock
(Amounts in millions, except per share amounts)
Unaudited
Three Months Ended Six Months Ended
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June 30, July 2, June 30, July 2,
1996 1995 1996 1995
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Primary Earnings Per Share
Income from continuing operations $ 14.1 $ 5.2 $ 20.0 $ 7.7
Income from discontinued operations, net of tax -- .4 -- 2.9
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Net income to common stock $ 14.1 $ 5.6 $ 20.0 $ 10.6
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Average shares of common stock outstanding 22.4 22.3 22.3 22.3
Incremental common shares applicable to common
stock options based on the common stock daily .1 .1 .1 .1
average market price during the period
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Average common shares, as adjusted 22.5 22.4 22.4 22.4
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Earnings per average share of common stock
(including common stock equivalents):
Continuing operations $ .63 $ .23 $ .89 $ .35
Discontinued operations -- .02 -- .13
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$ .63 $ .25 $ .89 $ .48
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Fully Diluted Earnings Per Share: (1)
Income from continuing operations $ 14.1 $ 5.2 $ 20.0 $ 7.7
Income from discontinued operations, net of tax -- .4 -- 2.9
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Net income 14.1 5.6 20.0 10.6
Add back 7.5% convertible debentures' after tax
interest expense. .7 .9 1.5 1.9
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Net income to common stock assuming full dilution $ 14.8 $ 6.5 $ 21.5 $ 12.5
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Average shares of common stock outstanding 22.4 22.3 22.3 22.3
Incremental common shares applicable to common stock
options based on the more dilutive ending or average
market price of the common stock during the period .1 .1 .1 .1
Average common shares issuable assuming conversion
of 7.5% convertible subordinated debentures 2.2 2.9 2.2 2.9
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Average common shares assuming full dilution 24.7 25.3 24.6 25.3
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Fully diluted earnings per average share assuming
conversion of all applicable securities:
Continuing operations $ .60 $ .25 $ .87 $ .38
Discontinued operations -- .01 -- .12
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$ .60 $ .26 $ .87 $ .50
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<FN>
(1) Fully diluted earnings per share amounts are shown for the second quarter and six
months of 1995 in accordance with Securities and Exchange Commission requirements,
although not in accordance with A.P.B. 15 because they result in anti-dilution.
<FN>
See notes to consolidated financial statements.