EXHIBIT 11
PARKER-HANNIFIN CORPORATION
FORM 10-Q
COMPUTATION OF EARNINGS PER COMMON SHARE
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 (A) 1995 1994 (A)
Net income applicable to common shares $ 48,396 $ 41,084 $ 105,771 $ 84,733
============ ============ ============ ============
Weighted average common shares outstanding
for the period 74,157,805 73,692,056 74,114,333 73,572,656
Increase in weighted average from dilutive
effect of exercise of stock options 488,250 567,329 649,986 536,192
____________ ____________ ____________ ____________
Weighted average common shares, assuming
issuance of the above securities 74,646,055 74,259,385 74,764,319 74,108,848
============ ============ ============ ============
Earnings per common share:
Primary $ .66 $ .56 $ 1.43 $ 1.15
Fully diluted (B) $ .64 $ .55 $ 1.41 $ 1.14
<FN>
(A) Weighted average shares and earnings per share have been restated for the
3-shares-for-2 common stock split paid June 2, 1995.
(B) This calculation is submitted in accordance with Regulation S-K Item 601(b)(11)
although not required for income statement presentation because it results in dilution
of less than 3 percent.
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