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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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2004 2003
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Basic:
Net earnings $ 1,292 $ 13,966
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Weighted average number of shares
outstanding 22,648 22,495
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Net earnings per share - basic $ .06 $ .62
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Diluted:
Net earnings $ 1,292 $ 13,966
Elimination of interest expense on 6%
subordinated convertible debentures
(net after taxes) 182 213
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Net earnings (as adjusted) $ 1,474 $ 14,179
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Weighted average number of shares
outstanding 22,648 22,495
Weighted average shares issuable on
conversion of 6% subordinated convertible
debentures 910 981
Weighted average shares issuable on
exercise of diluted stock options 102 4
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Total 23,660 23,480
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Net earnings per share - diluted* $ .06 $ .60
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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 the year.
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