Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1994, 1993 and 1992
1994 1993 1992
-------- -------- --------
(in thousands, except per share data)
Net Income (Loss) for Primary
- - - -----------------------------
Earnings Per Common Share
-------------------------
Income before extraordinary charges
and cumulative effect of changes
in accounting principles $ 38,289 $ 26,534 $ 14,884
Dividends accrued on convertible
preferred stock, net of tax
benefits (1,606) (1,628) (1,336)
________ ________ ________
Income for primary earnings per
common share before extra-
ordinary charges and cumulative
effect of changes in accounting
principles $ 36,683 $ 24,906 $ 13,548
Extraordinary charges, net of
income taxes (2,039) - (1,238)
Cumulative effect of changes
in accounting principles,
net of income taxes - (74,676) -
________ ________ ________
Net income (loss) for primary
earnings per common share $ 34,644 $(49,770) $ 12,310
======== ======== ========
Weighted Average Common Shares
- - - ------------------------------
Weighted average number of
common shares outstanding 8,026 8,008 8,342
Effect of shares issuable under
the stock option plans 39 1 -
________ ________ ________
Weighted average common shares 8,065 8,009 8,342
======== ======== ========
Primary Earnings (Loss) Per Common Share
- - - ----------------------------------------
Primary earnings per common share
before extraordinary charges and
cumulative effect of changes in
accounting principle $ 4.55 $ 3.11 $ 1.63
Extraordinary charges (.25) - (.15)
Cumulative effect of changes
in accounting principles - (9.32) -
________ ________ ________
Primary earnings (loss) per
common share $ 4.30 $ (6.21) $ 1.48
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Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1994, 1993 and 1992
1994 1993 1992
-------- -------- --------
(in thousands, except per share data)
Net Income (Loss) for Fully Diluted
- - - -----------------------------------
Earnings Per Common Share
-------------------------
Income before extraordinary charges
and cumulative effect of changes
in accounting principles $ 38,289 $ 26,534 $ 14,884
Shortfall between common and
preferred dividend (699) (785) (641)
________ ________ ________
Income for fully diluted earnings
per common share before
extraordinary charges and
cumulative effect of changes
in accounting principles 37,590 25,749 14,243
Extraordinary charges, net
of income taxes (2,039) - (1,238)
Cumulative effect of changes in
accounting principles, net of
income taxes - (74,676) -
________ ________ ________
Net income (loss) for fully diluted
earnings per common share $ 35,551 $ 48,927 $ 13,005
======== ======== ========
Weighted Average Common Shares
- - - ------------------------------
Weighted average number of
common shares outstanding 8,026 8,008 8,342
Conversion of preferred shares 461 461 377
Effect of shares issuable
under the stock option plans 56 31 2
________ ________ ________
Weighted average common shares 8,543 8,500 8,721
======== ======== ========
Fully Diluted Earnings (Loss)
- - - -----------------------------
Per Common Share
----------------
Fully diluted earnings per
common share before
extraordinary charges and
cumulative effects of changes
in accounting principles $ 4.40 $ 3.03 $ 1.63
Extraordinary charges (.24) - (.15)
Cumulative effect of changes
in accounting principles - (8.80) -
________ ________ ________
Fully diluted earnings (loss)
per common share $ 4.16 $ (5.77) $ 1.48
======== ======== ========