Exhibit 11

                 Carpenter Technology Corporation
    Primary Earnings Per Common Share Computations (unaudited)
      For the Three Months Ended September 30, 1997 and 1996
              (in thousands, except per share data)




                    
                                     1997               1996
                                     ----               ----
Net Income for Primary Earnings
- -------------------------------
  Per Common Share
  ----------------
Net income                         $ 17,084            $  8,075

Dividends accrued on 
  convertible preferred 
  stock, net of tax 
  benefits                             (390)               (391)
                                   --------            --------
Net income for primary 
  earnings per common
  share                            $ 16,694            $  7,684
                                   ========            ========

Weighted Average Common Shares
- ------------------------------
Weighted average number of 
  common shares outstanding          19,496              16,617

Effect of shares issuable under 
  stock option plans                    241                  95
                                   --------            --------

Weighted average common shares       19,737              16,712
                                   ========            ========


Primary Earnings Per 
- --------------------
  Common Share                     $    .85            $    .46
  ------------                     ========            ========




                                                       



                                                       Exhibit 11

                 Carpenter Technology Corporation
 Fully Diluted Earnings per Common Share Computations (unaudited)
      For the Three Months Ended September 30, 1997 and 1996
              (in thousands, except per share data)


        
                                     1997                1996
                                     ----                ----

Net Income for Fully
- --------------------
  Diluted Earnings Per
  --------------------
  Common Share
  ------------

Net income                         $ 17,084            $  8,075

Assumed shortfall
  between common and 
  preferred dividend                   (179)               (222)
                                   --------            --------
Net income for fully
  diluted earnings per 
  common share                     $ 16,905            $  7,853
                                   ========            ========

Weighted Average Common
- -----------------------
  Shares
  ------

Weighted average number 
  of common shares 
  outstanding                        19,496              16,617

Assumed conversion of 
  preferred shares                      893                 905

Effect of shares 
  issuable under 
  stock option plans                    295                 122
                                   --------            --------
Weighted average 
  common shares                      20,684              17,644
                                   ========            ========

Fully Diluted Earnings
- ----------------------
  Per Common Share                 $    .82            $    .45
  ----------------                 ========            ========