Exhibit 11
CARPENTER TECHNOLOGY CORPORATION
PRIMARY EARNINGS PER COMMON SHARE COMPUTATIONS
For the Three Months Ended September 30, 1996 and 1995
(in thousands, except per share data)
1996 1995
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Net Income for Primary Earnings
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Per Common Share
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Net income $ 8,075 $ 11,906
Dividends accrued on convertible
preferred stock, net of tax benefits (391) (400)
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Net income for primary earnings
per common share $ 7,684 $ 11,506
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Weighted Average Common Shares
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Weighted average number of
common shares outstanding 16,617 16,381
Effect of shares issuable under
stock option plans 95 157
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Weighted average common shares 16,712 16,538
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Primary Earnings Per Common Share $ .46 $ .70
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Exhibit 11
CARPENTER TECHNOLOGY CORPORATION
FULLY DILUTED EARNINGS PER COMMON SHARE COMPUTATIONS
For the Three Months Ended September 30, 1996 and 1995
(in thousands, except per share data)
1996 1995
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Net Income for Fully Diluted
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Earnings Per Common Share
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Net income $ 8,075 $ 11,906
Assumed shortfall between common
and preferred dividend (222) (183)
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Net income for fully diluted
earnings per common share $ 7,853 $ 11,723
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Weighted Average Common Shares
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Weighted average number of common
shares outstanding 16,617 16,381
Assumed conversion of preferred shares 905 917
Effect of shares issuable under
stock option plans 122 192
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Weighted average common shares 17,644 17,490
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Fully Diluted Earnings Per Common Share $ .45 $ .67
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E-4