Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
EARNINGS PER COMMON SHARE COMPUTATIONS
for the three and nine months ended March 31, 1995 and 1994
(in thousands, except per share data)
Three Months Nine Months
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1995 1994 1995 1994
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Net Income for Primary Earnings
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Per Common Share
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Income before extraordinary charge $ 15,363 $ 12,825 $ 30,122 $ 22,957
Dividends accrued on convertible
preferred stock, net of
income taxes (472) (388) (1,271) (1,207)
-------- -------- -------- --------
Income for primary earnings per
common share before extra-
ordinary charge 14,891 12,437 28,851 21,750
Extraordinary charge, net of
income taxes - (2,039) - (2,039)
-------- -------- -------- --------
Net income for primary earnings
per common share $ 14,891 $ 10,398 $ 28,851 $ 19,711
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Weighted Average Common Shares
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Weighted average number of
common shares outstanding 8,105 8,047 8,123 8,011
Effect of shares issuable
under the stock option plans 37 54 41 39
-------- -------- -------- --------
Weighted average common shares 8,142 8,101 8,164 8,050
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Primary Earnings Per Common Share
- ---------------------------------
Primary earnings per common share
before extraordinary charge $ 1.82 $ 1.54 $ 3.53 $ 2.70
Extraordinary charge - (.25) - (.25)
-------- -------- -------- --------
Primary earnings per common share $ 1.82 $ 1.29 $ 3.53 $ 2.45
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E-2