KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS PER COMMON SHARE COMPUTATION
(In thousands except per share amounts)
For the Three Months
Ended March 31,
--------------------
1996 1995
---- ----
Primary:
Net earnings applicable to common
stock $ 4,273 $ 4,621
======== ========
Weighted average number of common
shares outstanding 18,499 18,225
Weighted average shares issuable on
exercise of dilutive stock options 112 175
-------- --------
Total 18,611 18,400
======== ========
Net earnings per
common share - primary $ .23 $ .25
======== ========
Fully diluted:
Net earnings applicable to common stock $ 4,273 $ 4,621
Elimination of interest expense on 6%
subordinated convertible debentures
(net after taxes) 288 300
Elimination of preferred stock dividend
requirement 929 929
-------- --------
Net earnings(as adjusted) $ 5,490 $ 5,850
======== ========
Weighted average number of shares
outstanding including shares
issuable on stock option exercises 18,611 18,400
Shares issuable on conversion of 6%
subordinated convertible debentures 1,421 1,421
Shares issuable on conversion of
Series 2 preferred stock 4,552 4,552
Additional shares using ending market
price instead of average market on
treasury method use of stock option
proceeds 14 ---
-------- --------
Total 24,598 24,373
======== ========
Net earnings per common share
- fully diluted $ .22 $ .24
======== ========