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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1996 1995 1996 1995
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Primary:
Net earnings applicable to
common stock $ 4,905 $ 3,642 $ 13,661 $ 11,997
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Weighted average number
of common shares outstanding 18,642 18,367 18,575 18,299
Weighted average shares
issuable on exercise of
dilutive stock options 83 195 112 194
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Total 18,725 18,562 18,687 18,493
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Net earnings per common share
- primary $ .26 $ .20 $ .73 $ .65
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Fully diluted:
Net earnings applicable to
common stock $ 4,905 $ 3,642 $ 13,661 $ 11,997
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 286 299 857 896
Elimination of preferred stock
dividend requirement 929 929 2,787 2,787
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Net earnings (as adjusted) $ 6,120 $ 4,870 $ 17,305 $ 15,680
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Weighted avg. no. of shares out-
standing including shares
issuable on exercise of
stock options 18,725 18,562 18,687 18,493
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 4,552 4,552 4,552 4,552
Additional shares using ending
market price instead of average
market on treasury method use
of stock option proceeds 27 - 14 8
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Total 24,725 24,535 24,674 24,474
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Net earnings per common share
- fully diluted $ .25 $ .20 $ .70 $ .64
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