Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
For the Three and Six Months Ended December 31, 1995 and 1994
(in thousands, except per share data)
Three Months Six Months
------------------ ------------------
1995 1994 1995 1994
---- ---- ---- ----
Net Income for Primary Earnings
- -------------------------------
Per Common Share
----------------
Net income $ 12,293 $ 9,827 $ 24,199 $ 14,759
Dividends accrued on convertible
preferred stock, net of tax
benefits (390) (400) (790) (800)
-------- -------- -------- --------
Net income for primary earnings
per common share $ 11,903 $ 9,427 $ 23,409 $ 13,959
======== ======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,547 16,252 16,464 16,264
Effect of shares issuable under
stock option plans 151 70 155 100
-------- -------- -------- --------
Weighted average common shares 16,698 16,322 16,619 16,364
======== ======== ======== ========
Primary Earnings Per Common Share $ .71 $ .58 $ 1.41 $ .86
======== ======== ======== ========
All share and per share data for the three and six months ended
December 31, 1994, have been restated for the effect of a
two-for-one common stock split that was distributed on
September 15, 1995 to shareholders of record on September 1,
1995.
E-2
Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
For the Three and Six Months Ended December 31, 1995 and 1994
(in thousands, except per share data)
Three Months Six Months
------------------ ------------------
1995 1994 1995 1994
---- ---- ---- ----
Net Income for Fully Diluted
- ----------------------------
Earnings Per Common Share
-------------------------
Net income $ 12,293 $ 9,827 $ 24,199 $ 14,759
Assumed shortfall between
common and preferred dividend (143) (199) (326) (397)
-------- -------- -------- --------
Net income for fully diluted
earnings per common share $ 12,150 $ 9,628 $ 23,873 $ 14,362
======== ======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,547 16,252 16,464 16,264
Assumed conversion of
preferred shares 912 918 912 918
Effect of shares issuable under
stock option plans 189 64 202 102
-------- -------- -------- --------
Weighted average common shares 17,648 17,234 17,578 17,284
======== ======== ======== ========
Fully Diluted Earnings
Per Common Share $ .69 $ .56 $ 1.36 $ .83
======== ======== ======== ========
All share and per share data for the three and six months ended
December 31, 1994, have been restated for the effect of a
two-for-one common stock split that was distributed on
September 15, 1995 to shareholders of record on September 1, 1995.
E-3