COMPUTATION OF EARNINGS PER SHARE Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
(dollars and shares in thousands except per share amounts)
Fiscal Year Ended
January 1 January 2 December 28
1994 1993 1991
(52 Weeks) (53 Weeks) (52 Weeks)
Earnings per common share:
Weighted average shares outstanding 44,935 45,703 43,266
=========== =========== ===========
Earnings before cumulative effect
of accounting changes $92,630 $98,118 $97,112
Cumulative effect of accounting changes:
Postemployment benefits (8,489)
Postretirement benefits (12,508)
----------- ----------- -----------
Net earnings $84,141 $98,118 $84,604
=========== =========== ===========
Per share amounts:
Before cumulative effect of
accounting changes $2.06 $2.15 $2.24
Cumulative effect of accounting changes:
Postemployment benefits (0.19)
Postretirement benefits (0.29)
----------- ----------- -----------
Net earnings $1.87 $2.15 $1.95
=========== =========== ===========
Primary:
Weighted average shares outstanding 44,935 45,703 43,266
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 713 718 510
----------- ----------- -----------
45,648 46,421 43,776
Per share amounts: =========== =========== ===========
Before cumulative effect of
accounting changes $2.03 $2.11 $2.22
Cumulative effect of accounting changes:
Postemployment benefits (0.19)
Postretirement benefits (0.29)
----------- ----------- -----------
Net earnings $1.84 $2.11 $1.93
=========== =========== ===========
Fully Diluted:
Weighted average shares outstanding 44,935 45,703 43,266
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 757 779 572
----------- ----------- -----------
45,692 46,482 43,838
Per share amounts: =========== =========== ===========
Before cumulative effect of
accounting changes $2.03 $2.11 $2.22
Cumulative effect of accounting changes:
Postemployment benefits (0.19)
Postretirement benefits (0.29)
----------- ----------- -----------
Net earnings $1.84 $2.11 $1.93
=========== =========== ===========
<FN>
Note: This calculation is submitted in accordance with Regulation S-K
item 601(b)(11) although not required by footnote 2 to paragraph 14
of APB Opinion No. 15 because it results in dilution of less than 3%.