KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS PER COMMON SHARE COMPUTATION
(In thousands except per share amounts)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
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1994 1993 1994 1993
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Primary:
Net earnings (loss) applicable
to common stock $ 3,972 $(42,499) $ 10,950 $ (33,708)
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Weighted average number
of common shares outstanding 18,213 17,976 18,177 18,130
Weighted average shares
issuable on exercise of
dilutive stock options 80 * 91 *
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Total 18,293 17,976 18,268 18,130
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Net earnings (loss) per common
share - primary $ .22 $ (2.36) $ .60 $ (1.86)
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Fully diluted:
Net earnings (loss)applicable
to common stock $ 3,972 $(42,499) $ 10,950 $(33,708)
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 329 * * *
Elimination of preferred stock
dividend requirement 929 - * -
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Net earnings (loss)(as adjusted) $ 5,230 $(42,499) $ 10,950 $(33,708)
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Weighted avg. no. of shares out-
standing including shares
issuable on exercise of
stock options 18,293 17,976 18,268 18,130
Shares issuable on conversion of
6% subordinated convertible
debentures 1,421 * * *
Shares issuable on conversion of
Series 2 preferred stock 4,552 - * -
Additional shares using ending
market price instead of average
market on treasury method use
of stock option proceeds 15 - * -
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Total 24,281 17,976 18,268 18,130
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Net earnings (loss) per common
share - fully diluted $ .22 $ (2.36) $ .60 $ (1.86)
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* Anti-dilutive and accordingly not included in the computation