Exhibit 11
Arvin Industries, Inc.
Computation of Earnings Per Share of Common Stock (Unaudited)
(amounts in millions except per share amounts)
1998 1997 1996
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Basic Earnings Per Share
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Income from continuing operations $ 78.4 $ 65.0 $ 47.1
Income from discontinued operation, net of tax - 1.6 -
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Net income to common stock $ 78.4 $ 66.6 $ 47.1
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Average common shares outstanding 23.8 23.0 22.4
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Earnings per average share of common stock
Continuing operations $ 3.29 $ 2.83 $ 2.10
Discontinued operations - .07 -
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$ 3.29 $ 2.90 $ 2.10
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Diluted Earnings Per Share:
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Income from continuing operations $ 78.4 $ 65.0 $ 47.1
Income from discontinued operation, net of tax - 1.6 -
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Net income 78.4 66.6 47.1
Add back 7.5% convertible debentures' after tax interest
expense (if dilutive) - - 2.9
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Net income to common stock assuming full dilution $ 78.4 $ 66.6 $ 50.0
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Average shares of common stock outstanding 23.8 23.0 22.4
Incremental common shares applicable to common stock options based on
the average market price during the period .4 .4 .2
Average common shares issuable assuming conversion of 7.5 %
convertible subordinated debentures (if dilutive) - - 2.1
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Average common shares assuming maximum dilution 24.2 23.4 24.6
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Earnings per average share assuming maximum dilution
Continuing operations $ 3.23 $ 2.78 $ 2.03
Discontinued operations - .07 -
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$ 3.23 $ 2.85 $ 2.03
75
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