EXHIBIT 11
BALDOR ELECTRIC COMPANY AND AFFILIATES
COMPUTATION OF EARNINGS PER COMMON SHARE
FISCAL YEAR
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1995 1994 1993
(In thousands, except per share amounts)
Primary
Weighted average shares outstanding 27,647 27,266 26,797
Dilutive stock options based on the
treasury stock method using the
average market price 1,244 1,237 1,269
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Total 28,891 28,503 28,066
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Net Earnings $32,305 $26,359 $19,426
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Per Share Earnings $1.12 $0.92 $0.69
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Fully Diluted
Weighted average shares outstanding 27,647 27,266 26,797
Dilutive stock options based on the
treasury stock method using the
year-end market price, if higher
than average market price 1,202 1,345 1,489
------ ------ ------
Total 28,849 28,611 28,286
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Net Earnings $32,305 $26,359 $19,426
======= ======= =======
Per Share Earnings $1.12 $0.92 $0.69
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Note:Amounts for 1994-93 have been restated for a three-for-two stock
split effected in the form of a 50% stock dividend which was declared
during the third quarter 1995. See Note F to Annual Report to
Shareholders for 1995.