KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS PER COMMON SHARE COMPUTATION
(In thousands except per share amounts)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
-------------------- ------------------
1996 1995 1996 1995
---- ---- ---- ----
Primary:
Net earnings applicable to
common stock $ 4,483 $ 3,734 $ 8,756 $ 8,355
======== ======== ======== ========
Weighted average number
of common shares outstanding 18,584 18,306 18,541 18,266
Weighted average shares
issuable on exercise of
dilutive stock options 141 210 127 192
-------- -------- -------- --------
Total 18,725 18,516 18,668 18,458
======== ======== ======== ========
Net earnings per common share
- primary $ .24 $ .20 $ .47 $ .45
======== ======== ======== ========
Fully diluted:
Net earnings applicable to
common stock $ 4,483 $ 3,734 $ 8,756 $ 8,355
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 282 297 570 597
Elimination of preferred stock
dividend requirement 929 929 1,858 1,858
-------- -------- -------- --------
Net earnings (as adjusted) $ 5,694 $ 4,960 $ 11,184 $ 10,810
======== ======== ======== ========
Weighted avg. no. of shares out-
standing including shares
issuable on exercise of
stock options 18,725 18,516 18,668 18,458
Shares issuable on conversion of
6% subordinated convertible
debentures 1,421 1,421 1,421 1,421
Shares issuable on conversion of
Series 2 preferred stock 4,551 4,551 4,551 4,551
Additional shares using ending
market price instead of average
market on treasury method use
of stock option proceeds - 28 8 14
-------- -------- -------- --------
Total 24,697 24,516 24,648 24,444
======== ======== ======== ========
Net earnings per common share
- fully diluted $ .23 $ .20 $ .45 $ .44
======== ======== ======== ========