Exhibit 11
Arvin Industries, Inc.
Computation of Earnings Per Share of Common Stock
(Amounts in millions, except per share amounts)
Unaudited
Three Months Ended Nine Months Ended
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Sept. 28, Sept. 29, Sept. 28,Sept. 29,
1997 1996 1997 1996
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Primary Earnings Per Share
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Income from continuing operations $ 13.6 $ 8.3 $ 47.7 $ 28.3
Income from discontinued operation, net of tax 1.6 -- 1.6 --
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Net income $ 15.2 $ 8.3 $ 49.3 $ 28.3
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Average shares of common stock outstanding 23.0 22.5 22.8 22.4
Incremental common shares applicable to common
stock options based on the common stock daily
average market price during the period .6 .1 .4 .1
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Average common shares, as adjusted 23.6 22.6 23.2 22.5
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Earnings per average share of common stock
(including common stock equivalents):
Continuing operations $ .58 $ .37 $ 2.06 $ 1.26
Discontinued operations .07 -- .07 --
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$ .65 $ .37 $ 2.13 $ 1.26
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Fully Diluted Earnings Per Share:
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Income from continuing operations $ 13.6 $ 8.3 $ 47.7 $ 28.3
Income from discontinued operation, net of tax 1.6 -- 1.6 --
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Net income 15.2 8.3 49.3 28.3
Add back 7.5% convertible debentures' after tax
interest expense. -- .7 -- 2.2
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Net income to common stock assuming full dilution $ 15.2 $ 9.0 $ 49.3 $ 30.5
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Average shares of common stock outstanding 23.0 22.5 22.8 22.4
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 .7 .2 .4 .1
Average common shares issuable assuming conversion
of 7.5% convertible subordinated debentures -- 2.2 -- 2.2
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Average common shares assuming full dilution 23.7 24.9 23.2 24.7
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Fully diluted earnings per average share assuming
conversion of all applicable securities:
Continuing operations $ .57 $ .36 $ 2.05 $ 1.23
Discontinued operations .07 -- .07 --
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$ .64 $ .36 $ 2.12 $ 1.23
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<FN>
See notes to consolidated financial statements.