EXHIBIT 11 PENTAIR, INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE Six Months Ended Quarter Ended June 30 June 30 1995 1994 1995 1994 INCOME ($ thousands) Net income $43,900 $22,925 $28,550 $11,825 Preferred dividend requirements 2,657 2,731 1,327 1,365 Earnings available to common and common equivalent shares - Primary 41,243 20,194 27,223 10,460 Preferred dividends assuming conversion of Preferred Stock: Series 1988 497 511 247 255 Series 1990 2,160 2,220 1,080 1,110 Tax benefit on preferred ESOP dividend eliminated due to conversion into common (646) (527) (314) (263) Tax benefit on ESOP dividend assuming conversion to common, at common dividend rate 250 184 122 92 Earnings for fully diluted computation $43,504 $22,582 $28,358 $11,654 SHARES (thousands) Weighted average number of shares outstanding during the period 18,340 18,181 18,377 18,194 Shares issuable on exercise of stock options less shares repurchaseable from proceeds 244 195 239 186 Common and Common Equivalent Shares - Primary 18,584 18,376 18,616 18,380 Shares issuable on conversion of: $7.50 Callable Cumulative Convertible Preferred Stock, Series 1988 496 511 494 510 8% Callable Cumulative Voting Convertible Preferred Stock, Series 1990 2,080 2,117 2,066 2,113 Common and Common Equivalent Shares - Fully Diluted 21,160 21,004 21,176 21,003 Earnings per share: Primary - Income from continuing operations $1.32 $1.04 $.64 $.57 discontinued operations .90 .06 .82 .00 Net Income $2.22 $1.10 $1.46 $.57 Diluted - Income from continuing operations $1.27 $1.03 $.62 $.56 discontinued operations .79 .05 .72 .00 Net Income $2.06 $1.08 $1.34 $.56