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KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS (LOSS) PER SHARE COMPUTATION
(IN THOUSANDS EXCEPT PER SHARE AMOUNT)
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For the Three Months For the Six Months
Ended June 30, Ended June 30,
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2003 2002 2003 2002
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<s> <c> <c> <c> <c>
Basic:
Net earnings (loss) $ 3,284 $(50,366) $ 17,250 $(45,025)
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Weighted average number of
shares outstanding 22,551 22,409 22,523 22,369
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Net earnings (loss) per share
- basic $ .15 $ (2.25) $ .77 $ (2.01)
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Diluted:
Net earnings (loss) $ 3,284 $(50,366) $ 17,250 $(45,025)
Elimination of interest expense
on 6% subordinated convertible
debentures (net after taxes) 198 - 411 -
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Net earnings (loss)(as adjusted)$ 3,482 $(50,366) $ 17,661 $(45,025)
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Weighted average number of
shares outstanding 22,551 22,409 22,523 22,369
Weighted average shares issuable
on conversion of 6%
subordinated convertible
debentures 923 - 952 -
Weighted average shares issuable
on exercise of diluted stock
options 10 - 7 -
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Total 23,484 22,409 23,482 23,369
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Net earnings (loss) per share
- diluted* $ .15 $ (2.25) $ .75 $ (2.01)
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*The calculated diluted per share amounts for 2002 are anti-dilutive,
therefore, amounts shown are equal of the basic per share calculation.
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