Exhibit 11


                       SPS TECHNOLOGIES, INC. AND SUBSIDIARIES
                     Computation of Earnings Per Share Statement
                      (Thousands of dollars, except share data)

                               Three Months Ended       Nine Months Ended
                                 September 30,            September 30,     
                                1995       1994         1995         1994   

   Net earnings               $   4,185  $   1,990    $  11,160    $   1,550 

   Weighted average
    number of common
    shares outstanding
    during the period         5,743,401  5,111,973    5,686,915    5,109,203

   Weighted average
    number of maximum
    shares subject to
    exercise under 
    outstanding stock
    options at end of
    period                      647,052    479,887      655,004      380,156
                              6,390,453  5,591,860    6,341,919    5,489,359
   Less treasury shares
    assumed purchased
    with proceeds from
    assumed exercise of
    outstanding options (a)     407,224    409,920      479,796      343,599

   Weighted average 
    number of common and
    common equivalent
    shares outstanding 
    after assumed
    exercise of options       5,983,229  5,181,940    5,862,123    5,145,760

   Earnings per share
    based on above
    assumptions (b)           $     .70  $     .38    $    1.90    $     .30 

   Earnings per share
    as reported               $     .70  $     .39    $    1.90    $     .30 


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          (a)  All  options  are  exercisable  under a  nonqualified  plan.  
               The proceeds  from  assumed  exercise  of options aggregated 
               $15,828,785 and  $16,023,763 in  the  three  and  nine-month
               periods ended September 30, 1995  respectively; the proceeds
               from assumed exercises aggregated $10,871,068 and $8,400,415 
               in the  three  and  nine-month  periods  ended September 30,
               1994,  respectively.   The proceeds  and number  of treasury
               shares assumed purchased were determined on the  most likely
               exercise assumption.

          (b)  Primary  and fully diluted  earnings per share  are the same
               for each period presented.


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