Exhibit 11
Carpenter Technology Corporation
Primary Earnings Per Common Share Computations (unaudited)
For the Three and Nine Months Ended March 31, 1997 and 1996
(in thousands, except per share data)
Three Months Nine Months
------------------ ------------------
1997 1996 1997 1996
---- ---- ---- ----
Net Income for Primary
- ----------------------
Earnings Per Common Share
-------------------------
Net income $ 15,494 $ 14,726 $ 37,216 $ 38,925
Dividends accrued on
convertible preferred
stock, net of tax
benefits (390) (391) (1,188) (1,181)
-------- -------- -------- --------
Net income for primary
earnings per common
share $ 15,104 $ 14,335 $ 36,028 $ 37,744
======== ======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 17,638 16,605 16,955 16,511
Effect of shares issuable
under stock option plans 130 130 109 146
-------- -------- -------- --------
Weighted average
common shares 17,768 16,735 17,064 16,657
======== ======== ======== ========
Primary Earnings Per
- --------------------
Common Share $ .86 $ .86 $ 2.11 $ 2.27
------------ ======== ======== ======== ========
E-2
Exhibit 11
Carpenter Technology Corporation
Fully Diluted Earnings per Common Share Computations (unaudited)
For the Three and Nine Months Ended March 31, 1997 and 1996
(in thousands, except per share data)
Three Months Nine Months
------------------ ------------------
1997 1996 1997 1996
---- ---- ---- ----
Net Income for Fully Diluted
- ----------------------------
Earnings Per Common Share
-------------------------
Net income $ 15,494 $ 14,726 $ 37,216 $ 38,925
Assumed shortfall between
common and preferred
dividend (36) (161) (480) (486)
-------- -------- -------- --------
Net income for fully
diluted earnings per
common share $ 15,458 $ 14,565 $ 36,736 $ 38,439
======== ======== ======== ========
Weighted Average Common Shares
- ------------------------------
Weighted average number of
common shares outstanding 17,638 16,605 16,955 16,511
Assumed conversion of
preferred shares 901 910 903 910
Effect of shares issuable
under stock option plans 183 152 183 166
-------- -------- -------- --------
Weighted average
common shares 18,722 17,667 18,041 17,587
======== ======== ======== ========
Fully Diluted Earnings
- ----------------------
Per Common Share $ .84 $ .83 $ 2.04 $ 2.19
---------------- ======== ======== ======== ========
E-3