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,
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1997 1996 1997 1996
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Primary:
Net earnings applicable to
common stock $ 5,781 $ 4,483 $ 445 $ 8,756
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Weighted average number
of common shares outstanding 18,888 18,584 18,840 18,541
Weighted average shares
issuable on exercise of
dilutive stock options 241 141 232 127
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Total 19,129 18,725 19,072 18,668
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Net earnings per common share
- primary $ .30 $ .24 $ .02 $ .47
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Fully diluted:
Net earnings applicable to
common stock $ 5,781 $ 4,483 $ 445 $ 8,756
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 227 282 * 570
Elimination of preferred stock
dividend requirement 929 929 * 1,858
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Net earnings (as adjusted) $ 6,937 $ 5,694 $ 445 $ 11,184
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Weighted avg. no. of shares out-
standing including shares issuable
on exercise of stock options 19,129 18,725 19,072 18,668
Shares issuable on conversion of
6% subordinated convertible
debentures 1,350 1,421 * 1,421
Shares issuable on conversion of
Series 2 preferred stock 4,551 4,551 * 4,551
Additional shares using ending
market price instead of average
market on treasury method use
of stock option proceeds 64 - * 8
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Total 25,094 24,697 19,072 24,648
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Net earnings per common share
- fully diluted $ .28 $ .23 $ .02 $ .45
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* Anti-dilutive and accordingly not included in the computation.