KAMAN CORPORATION AND SUBSIDIARIES
EXHIBIT 11 - EARNINGS PER COMMON SHARE COMPUTATION
(In thousands except per share amounts)
For the Three Months
Ended March 31,
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1997 1996
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Primary:
Net earnings (loss) applicable to common
stock $ (5,336) $ 4,273
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Weighted average number of common
shares outstanding 18,791 18,499
Weighted average shares issuable on
exercise of dilutive stock options * 112
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Total 18,791 18,611
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Net earnings (loss) per
common share - primary $ (.28) $ .23
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Fully diluted:
Net earnings (loss) applicable to common stock $ (5,336) $ 4,273
Elimination of interest expense on 6%
subordinated convertible debentures
(net after taxes) * 288
Elimination of preferred stock dividend
requirement * 929
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Net earnings (loss) (as adjusted) $ (5,336) $ 5,490
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Weighted average number of shares
outstanding including shares
issuable on stock option exercises 18,791 18,611
Shares issuable on conversion of 6%
subordinated convertible debentures * 1,421
Shares issuable on conversion of
Series 2 preferred stock * 4,552
Additional shares using ending market
price instead of average market on
treasury method use of stock option
proceeds * 14
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Total 18,791 24,598
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Net earnings (loss)per common share
- fully diluted $ (.28) $ .22
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* Anti-dilutive and accordingly not included in the computation