Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1995, 1994 and 1993
1995 1994 1993
-------- -------- --------
(in thousands, except per share data)
Net Income (Loss) for Primary
- -----------------------------
Earnings Per Common Share
-------------------------
Income before extraordinary charge
and cumulative effect of changes
in accounting principles $ 47,492 $ 38,289 $ 26,534
Dividends accrued on convertible preferred
stock, net of tax benefits (1,599) (1,606) (1,628)
-------- -------- --------
Income for primary earnings per common
share before extraordinary charge
and cumulative effect of changes in
accounting principles $ 45,893 $ 36,683 $ 24,906
Extraordinary charge, net of income taxes - (2,039) -
Cumulative effect of changes in accounting
principles, net of income taxes - - (74,676)
-------- -------- --------
Net income (loss) for primary
earnings per common share $ 45,893 $ 34,644 $(49,770)
======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,240 16,052 16,016
Effect of shares issuable under
the stock option plans 87 78 2
-------- -------- --------
Weighted average common shares 16,327 16,130 16,018
======== ======== ========
Primary Earnings (Loss) Per Common Share
- ----------------------------------------
Primary earnings per common share before
extraordinary charge & cumulative effect
of changes in accounting principle $ 2.81 $ 2.28 $ 1.55
Extraordinary charge - (.13) -
Cumulative effect of changes
in accounting principles - - (4.66)
-------- -------- --------
Primary earnings (loss) per common share $ 2.81 $ 2.15 $ (3.11)
======== ======== ========
All share and per share data have been restated for the effect of a two-for-one
common stock split declared on August 10, 1995. See Note 17 to the consoli-
dated financial statements included in Item 8 "Financial Statements and
Supplementary Data."
E-20
Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1995, 1994 and 1993
1995 1994 1993
-------- -------- --------
(in thousands, except per share data)
Net Income (Loss) for Fully Diluted
- -----------------------------------
Earnings Per Common Share
-------------------------
Income before extraordinary charge
and cumulative effect of changes
in accounting principles $ 47,492 $ 38,289 $ 26,534
Shortfall between common and
preferred dividend (705) (699) (785)
-------- -------- --------
Income for fully diluted earnings per
common share before extraordinary
charge and cumulative effect of
changes in accounting principles 46,787 37,590 25,749
Extraordinary charge, net of income taxes - (2,039) -
Cumulative effect of changes in accounting
principles, net of income taxes - - (74,676)
-------- -------- --------
Net income (loss) for fully diluted
earnings per common share $ 46,787 $ 35,551 $ 48,927
======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,240 16,052 16,016
Conversion of preferred shares 917 922 922
Effect of shares issuable
under the stock option plans 152 112 62
Weighted average common shares 17,309 17,086 17,000
======== ========= ========
Fully Diluted Earnings (Loss)
- -----------------------------
Per Common Share
----------------
Fully diluted earnings per common
share before extraordinary charge
and cumulative effects of changes
in accounting principles $ 2.70 $ 2.20 $ 1.51
Extraordinary charge - (.12) -
Cumulative effect of changes
in accounting principles - - (4.39)
-------- ------- --------
Fully diluted earnings (loss)
per common share $ 2.70 $ 2.08 $ (2.88)
======== ======== ========
All share and per share data have been restated for the effect of a two-for-one
common stock split declared on August 10, 1995. See Note 17 to the consoli-
dated financial statements included in Item 8 "Financial Statements and
Supplementary Data."
E-21