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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 Nine Months
Ended September 30, Ended September 30,
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2003 2002 2003 2002
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<s> <c> <c> <c> <c>
Basic:
Net earnings (loss) $ 1,188 $ 5,572 $ 18,438 $(39,453)
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Weighted average number of
shares outstanding 22,584 22,446 22,543 22,394
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Net earnings (loss) per share
- basic $ .05 $ .25 $ .82 $ (1.76)
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Diluted:
Net earnings (loss) $ 1,188 $ 5,572 $ 18,438 $(39,453)
Elimination of interest expense
on 6% subordinated convertible
debentures (net after taxes) 197 230 608 -
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Net earnings (loss)(as adjusted)$ 1,385 $ 5,802 $ 19,046 $(39,453)
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Weighted average number of
shares outstanding 22,584 22,446 22,543 22,394
Weighted average shares issuable
on conversion of 6%
subordinated convertible
debentures 923 994 942 -
Weighted average shares issuable
on exercise of diluted stock
options 78 81 31 -
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Total 23,585 23,521 23,516 22,394
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Net earnings (loss) per share
- diluted* $ .05 $ .25 $ .81 $ (1.76)
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*The calculated diluted per share amounts for the three months ended
September 30, 2003 and the nine months ended September 30, 2002 are
anti-dilutive, therefore, amounts shown are equal of the basic per share
calculation. Additional potentially diluted average shares outstanding of
1,186 for the nine months ended September 30, 2002 have been excluded
from the average diluted shares outstanding due to the loss from
operations in that year.
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