Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
for the three and six months ended December 31, 1994 and 1993
(in thousands, except per share data)
Three Months Six Months
------------------ ------------------
1994 1993 1994 1993
---- ---- ---- ----
Net Income for Primary
- ----------------------
Earnings Per Common
-------------------
Share
-----
Net income $ 9,827 $ 7,360 $ 14,759 $ 10,132
Dividends accrued on
convertible preferred
stock, net of tax
benefits (400) (413) (800) (819)
-------- -------- -------- --------
Net income for primary
earnings per common
share $ 9,427 $ 6,947 $ 13,959 $ 9,313
======== ======== ======== ========
Weighted Average Common
- -----------------------
Shares
------
Weighted average number
of common shares
outstanding 8,126 7,999 8,132 7,994
Effect of shares
issuable under the
stock option plans 35 33 50 25
-------- -------- -------- --------
Weighted average
common shares 8,161 8,032 8,182 8,019
======== ======== ======== ========
Primary Earnings Per
- --------------------
Common Share $ 1.16 $ .86 $ 1.71 $ 1.16
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Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
for the three and six months ended December 31, 1994 and 1993
(in thousands, except per share data)
Three Months Six Months
------------------- ------------------
1994 1993 1994 1993
---- ---- ---- ----
Net Income for Fully
- --------------------
Diluted Earnings Per
--------------------
Common Share
------------
Net income $ 9,827 $ 7,360 $ 14,759 $ 10,132
Shortfall between common
and preferred dividend (199) (199) (397) (397)
-------- -------- -------- --------
Net income for fully
diluted earnings per
common share $ 9,628 $ 7,161 $ 14,362 $ 9,735
======== ======== ======== ========
Weighted Average
- ----------------
Common Shares
-------------
Weighted average number
of common shares
outstanding 8,126 7,999 8,132 7,994
Conversion of
preferred shares 459 461 459 461
Effect of shares
issuable under the
stock option plans 32 52 51 52
-------- -------- -------- --------
Weighted average
common shares 8,617 8,512 8,642 8,507
======== ======== ======== ========
Fully Diluted Earnings
Per Common Share $ 1.11 $ .84 $ 1.66 $ 1.14
======== ======== ======== ========