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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1997 1996 1997 1996
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Primary:
Net earnings applicable to
common stock $ 6,168 $ 4,905 $ 6,613 $ 13,661
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Weighted average number
of common shares outstanding 18,954 18,642 18,878 18,575
Weighted average shares
issuable on exercise of
dilutive stock options 334 83 266 112
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Total 19,288 18,725 19,144 18,687
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Net earnings per common share
- primary $ .32 $ .26 $ .35 $ .73
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Fully diluted:
Net earnings applicable to
common stock $ 6,168 $ 4,905 $ 6,613 $ 13,661
Elimination of interest expense
on 6% subordinated convertible
debentures(net after taxes) 267 286 * 857
Elimination of preferred stock
dividend requirement 929 929 * 2,787
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Net earnings (as adjusted) $ 7,364 $ 6,120 $ 6,613 $ 17,305
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Weighted avg. no. of shares out-
standing including shares issuable
on exercise of stock options 19,288 18,725 19,144 18,687
Shares issuable on conversion of
6% subordinated convertible
debentures 1,350 1,421 * 1,421
Shares issuable on conversion of
Series 2 preferred stock 4,549 4,552 * 4,552
Additional shares using ending
market price instead of average
market on treasury method use
of stock option proceeds 50 27 * 14
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Total 25,237 24,725 19,144 24,674
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Net earnings per common share
- fully diluted $ .29 $ .25 $ .35 $ .70
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* Anti-dilutive and accordingly not included in the computation.