EXHIBIT 11 INGERSOLL-RAND COMPANY COMPUTATION OF EARNINGS PER SHARE (In millions of dollars except for shares and per share amounts) Years ended December 31, 1998 1997 1996 1995 1994 Net earnings applicable to common stock............. $509.1 $380.5 $358.0 $270.3 $211.1 Average number of common shares outstanding.......... 163,669,777 163,206,932 161,238,547 159,103,617 158,187,174 Number of common shares issuable assuming exercise under incentive stock plans.. 1,812,035 1,617,803 1,031,137 495,479 542,153 Average number of outstanding shares for diluted earnings per share calculations........... 165,481,812 164,824,735 162,269,684 159,599,096 158,729,327 Basic earnings per share....................... $3.11 $2.33 $2.22 $1.70 $1.33 Diluted earnings per share........................ $3.08 $2.31 $2.21 $1.69 $1.33 Note: All common share and per share amounts have been adjusted for the 3-for-2 stock split which was made in the form of a stock dividend in August of 1997. </Table)