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KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS PER SHARE COMPUTATION
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
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For the Three Months
Ended March 31,
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2002 2001
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<s> <c> <c>
Basic:
Net earnings $ 5,341 $ 8,741
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Weighted average number of shares
outstanding 22,328 22,309
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Net earnings per share - basic $ .24 $ .39
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Diluted:
Net earnings $ 5,341 $ 8,741
Elimination of interest expense on 6%
subordinated convertible debentures
(net after taxes) 229 255
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Net earnings (as adjusted) $ 5,570 $ 8,996
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Weighted average number of shares
outstanding 22,328 22,309
Weighted average shares issuable on
conversion of 6% subordinated convertible
debentures 1,052 1,123
Weighted average shares issuable on
exercise of diluted stock options 188 246
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Total 23,568 23,678
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Net earnings per share - diluted $ .24 $ .38
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