EXHIBIT 11
KAMAN CORPORATION AND SUBSIDIARIES
EARNINGS PER COMMON SHARE COMPUTATION
(In Thousands Except Per Share Amounts)
1995 1994 1993
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Primary:
Net earnings (loss) applicable
to common stock $ 15,886 $(16,897) $(29,497)
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Weighted average number of common
shares outstanding 18,330 18,175 18,133
Weighted average shares issuable on
exercise of dilutive stock options 182 * *
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Total 18,512 18,175 18,133
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Net earnings (loss) per
common share-primary $ .86 $ ( .93) $ (1.63)
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Fully diluted:
Net earnings(loss)applicable
to common stock $ 15,886 $(16,897) $(29,497)
Elimination of interest expense on
6% subordinated convertible
debentures (net after taxes) 1,195 * *
Elimination of preferred stock
dividend requirement 3,716 * *
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Net earnings(loss)(as adjusted) $ 20,797 $(16,897) $(29,497)
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Weighted average number of shares
outstanding including shares
issuable on stock option exercises 18,512 18,175 18,133
Shares issuable on conversion of 6%
subordinated convertible debentures 1,421 * *
Shares issuable on conversion of
Series 2 preferred stock 4,551 * *
Additional shares using ending market
price instead of average market on
treasury method use of stock
option proceeds 7 * *
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Total 24,491 18,175 18,133
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Net earnings (loss) per
common share-fully diluted $ .85 $ ( .93) $ (1.63)
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*Anti-dilutive and accordingly not included in the computation.