EXHIBIT 11

PENTAIR, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE

                                                                  Quarter Ended
                                                                    March 31
                                                                 1994         1993
INCOME ($ thousands)
                                                                     
Net income                                                   $11,100       $9,500 
Preferred dividend requirements                                1,366        2,000 
Earnings available to common and common
  equivalent shares - Primary                                  9,734        7,500 

Preferred dividends assuming conversion 
    of Preferred Stock:
        Series 1987                                                0          620 
        Series 1988                                              256          255 
        Series 1990                                            1,110        1,125 
Tax benefit on preferred ESOP dividend 
    eliminated due to conversion into common                    (264)        (212)
Tax benefit on ESOP dividend assuming con-
    version to common, at common dividend rate                    92           71 

Earnings available for common and common equivalent
   shares - Diluted                                          $10,928       $9,359 

SHARES (thousands)
Weighted average number of shares outstanding
   during the period                                          18,169       16,394 
Shares issuable on exercise of stock options
   less shares repurchaseable from proceeds                      203          178 

Common and Common Equivalent Shares -
     Primary                                                  18,372       16,572 

Shares issuable on conversion of:
   $1.50 Cumulative Convertible Preferred Stock,
      Series 1987                                                  0        1,660 
   $7.50 Callable Cumulative Convertible
      Preferred Stock, Series 1988                               513          530 
   8% Callable Cumulative Voting Convertible
      Preferred Stock, Series 1990                             2,121        2,133 

Common and Common Equivalent Shares -
      Diluted                                                 21,006       20,895 


EARNINGS PER SHARE:
  PRIMARY                                                       $.53         $.45
  DILUTED                                                        .52          .44

All share and per share data adjusted for 50% stock dividend in June 1993.