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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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2003 2002
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Basic:
Net earnings $ 13,966 $ 5,341
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Weighted average number of shares
outstanding 22,495 22,328
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Net earnings per share - basic $ .62 $ .24
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Diluted:
Net earnings $ 13,966 $ 5,341
Elimination of interest expense on 6%
subordinated convertible debentures
(net after taxes) 213 229
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Net earnings (as adjusted) $ 14,179 $ 5,570
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Weighted average number of shares
outstanding 22,495 22,328
Weighted average shares issuable on
conversion of 6% subordinated convertible
debentures 981 1,052
Weighted average shares issuable on
exercise of diluted stock options 4 188
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Total 23,480 23,568
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Net earnings per share - diluted* $ .60 $ .24
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* Excluded from the net earnings per share - diluted calculation are
options granted to employees that are anti-dilutive based on the
average stock price for year.
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