EXHIBIT 11
BALDOR ELECTRIC COMPANY AND AFFILIATES
COMPUTATION OF EARNINGS PER COMMON SHARE
FISCAL YEAR
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1996 1995 1994
(In thousands, except per share amounts)
Primary
Weighted average shares outstanding 26,318 27,647 27,266
Dilutive stock options based on the
treasury stock method using the
average market price 899 1,244 1,237
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Total 27,217 28,891 28,503
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Net Earnings $35,173 $32,305 $26,359
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Per Share Earnings $1.29 $1.12 $0.92
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Fully Diluted
Weighted average shares outstanding 26,318 27,647 27,266
Dilutive stock options based on the
treasury stock method using the
year-end market price, if higher
than average market price 1,101 1,202 1,345
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Total 27,419 28,849 28,611
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Net Earnings $35,173 $32,305 $26,359
======= ======= =======
Per Share Earnings $1.28 $1.12 $0.92
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Note: Amounts for 1994 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 1996.