Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(dollars and shares in thousands
except per share amounts)
SECOND QUARTER ENDED SIX MONTHS ENDED
JULY 2 JULY 3 JULY 2 JULY 3
1994 1993 1994 1993
Earnings per common share:
Weighted average shares outstanding 44,829 44,971 44,798 45,152
====== ====== ====== ======
Earnings before cumulative effect of
accounting change $33,737 $26,987 $59,330 $50,028
Cumulative effect of accounting change
for Postemployment Benefits (8,489)
------- ------- ------- -------
Net earnings $33,737 $26,987 $59,330 $41,539
======= ======= ======= =======
Per share amounts:
Before cumulative effect of
accounting change $0.75 $0.60 $1.32 $1.11
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------ ------ ------ ------
Net earnings $0.75 $0.60 $1.32 $0.92
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PRIMARY:
Weighted average shares outstanding 44,829 44,971 44,798 45,152
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 538 814 592 773
------ ------ ------ ------
45,367 45,785 45,390 45,925
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Per share amounts:
Before cumulative effect of
accounting change for $0.74 $0.59 $1.31 $1.09
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------ ------ ------ ------
Net earnings $0.74 $0.59 $1.31 $0.90
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FULLY DILUTED:
Weighted average shares outstanding 44,829 44,971 44,798 45,152
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 554 814 600 811
------ ------ ------ ------
45,383 45,785 45,398 45,963
====== ====== ====== ======
Per share amounts:
Before cumulative effect of
accounting change $0.74 $0.59 $1.31 1.09
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------ ------ ------ ------
Net earnings $0.74 $0.59 $1.31 $0.90
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[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%.