THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(dollars and shares in thousands
except per share amounts)
FIRST QUARTER ENDED
APRIL 2 APRIL 3
1994 1993
Earnings per common share:
Weighted average shares outstanding 44,771 45,274
====== ======
Earnings before cumulative effect of
accounting change $25,593 $23,041
Cumulative effect of accounting change
for postemployment benefits (8,489)
------ ------
Net earnings $25,593 $14,552
====== ======
Per share amounts:
Before cumulative effect of
accounting change $0.57 $0.51
Cumulative effect of accounting change
for postemployment benefits (0.19)
------ ------
Net earnings $0.57 $0.32
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PRIMARY:
Weighted average shares outstanding 44,771 45,274
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 646 731
------ ------
45,417 46,005
====== ======
Per share amounts:
Before cumulative effect of
accounting change $0.56 $0.50
Cumulative effect of accounting change
for postemployment benefits (0.18)
------ ------
Net earnings $0.56 $0.32
====== ======
FULLY DILUTED:
Weighted average shares outstanding 44,771 45,274
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 646 808
------ ------
45,417 46,082
====== ======
Per share amounts:
Before cumulative effect of
accounting change $0.56 $0.50
Cumulative effect of accounting change
for postemployment benefits (0.18)
------ ------
Net earnings $0.56 $0.32
====== ======
<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%.