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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1995 1994 1995 1994
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Primary:
Net earnings applicable to
common stock $ 3,642 $ 3,972 $ 11,997 $ 10,950
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Weighted average number of common
shares outstanding 18,367 18,213 18,299 18,177
Weighted average shares issuable on
exercise of dilutive stock options 195 80 194 91
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Total 18,562 18,293 18,493 18,268
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Net earnings per common share
- primary $ .20 $ .22 $ .65 $ .60
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Fully diluted:
Net earnings applicable to
common stock $ 3,642 $ 3,972 $ 11,997 $ 10,950
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 299 329 896 *
Elimination of preferred stock
dividend requirement 929 929 2,787 *
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Net earnings (as adjusted) $ 4,870 $ 5,230 $ 15,680 $ 10,950
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Weighted avg. no. of shares out-
standing including shares issuable
on exercise of stock options 18,562 18,293 18,493 18,268
Shares issuable on conversion of 6%
subordinated convertible debentures 1,421 1,421 1,421 *
Shares issuable on conversion of
Series 2 preferred stock 4,552 4,552 4,552 *
Additional shares using ending market
price instead of avg. market on treasury
method use of stock option proceeds - 15 8 *
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Total 24,535 24,281 24,474 18,268
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Net earnings per common share
- fully diluted $ .20 $ .22 $ .64 $ .60
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* Anti-dilutive and accordingly not included in the computation