EXHIBIT 11
BALDOR ELECTRIC COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE
FISCAL YEAR
1993 1992 1991
(In thousands, except per share amounts)
Primary
Weighted average shares outstanding 17,865 17,668 17,486
Dilutive stock options based on the
treasury stock method using
the average market price 846 652 421
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Total 18,711 18,320 17,907
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Net Earnings $19,426 $15,264 $11,922
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Per Share Earnings $1.04 $.83 $.67
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Fully Diluted
Weighted average shares outstanding 17,865 17,668 17,486
Dilutive stock options based on the
treasury stock method using the
year-end market price, if higher
than average market price 993 862 421
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Total 18,858 18,530 17,907
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Net Earnings $19,426 $15,264 $11,922
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Per Share Earnings $1.03 $.82 $.67
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Note: Amounts for 1993-91 have been restated for a six-for-five stock split
effected in the form of a 20% stock dividend which was declared during
the fourth quarter 1993. See Note E to Annual Report to Shareholders
for 1993.