Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1996, 1995 and 1994
1996 1995 1994
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(in thousands, except per share data)
Net Income for Primary Earnings
- -------------------------------
Per Common Share
----------------
Income before extraordinary charge $ 60,148 $ 47,492 $ 38,289
Dividends accrued on convertible
preferred stock, net of tax
benefits (1,572) (1,599) (1,606)
-------- -------- --------
Income for primary earnings per
common share before extra-
ordinary charge $ 58,576 $ 45,893 $ 36,683
Extraordinary charge, net of
income taxes - - (2,039)
-------- -------- --------
Net income for primary earnings
per common share $ 58,576 $ 45,893 $ 34,644
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Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,537 16,240 16,052
Effect of shares issuable under
the stock option plans 140 87 78
-------- -------- --------
Weighted average common shares 16,677 16,327 16,130
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Primary Earnings Per Common Share
- ---------------------------------
Primary earnings per common share
before extraordinary charge $ 3.51 $ 2.81 $ 2.28
Extraordinary charge - - (.13)
-------- -------- --------
Primary earnings per common share $ 3.51 $ 2.81 $ 2.15
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Exhibit 11
CARPENTER TECHNOLOGY CORPORATION AND SUBSIDIARIES
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
For the Years Ended June 30, 1996, 1995 and 1994
1996 1995 1994
-------- -------- --------
(in thousands, except per share data)
Net Income for Fully Diluted
- ----------------------------
Earnings Per Common Share
-------------------------
Income before extraordinary charge $ 60,148 $ 47,492 $ 38,289
Shortfall between common and
preferred dividend (644) (705) (699)
-------- -------- --------
Income for fully diluted earnings
per common share before
extraordinary charge 59,504 46,787 37,590
Extraordinary charge, net
of income taxes - - (2,039)
-------- -------- --------
Net income for fully diluted
earnings per common share $ 59,504 $ 46,787 $ 35,551
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Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 16,537 16,240 16,052
Conversion of preferred shares 909 917 922
Effect of shares issuable
under the stock option plans 158 152 112
-------- -------- --------
Weighted average common shares 17,604 17,309 17,086
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Fully Diluted Earnings Per
- --------------------------
Common Share
------------
Fully diluted earnings per
common share before
extraordinary charge $ 3.38 $ 2.70 $ 2.20
Extraordinary charge - - (.12)
-------- -------- --------
Fully diluted earnings
per common share $ 3.38 $ 2.70 $ 2.08
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