Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(dollars and shares in thousands
except per share amounts)
THIRD QUARTER ENDED NINE MONTHS ENDED
OCT 1 OCT 2 OCT 1 OCT 2
1994 1993 1994 1993
Earnings per common share:
Weighted average shares outstanding 44,838 44,754 44,810 45,007
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Earnings before cumulative effect of
accounting change $32,153 $24,990 $91,483 $75,018
Cumulative effect of accounting change
for Postemployment Benefits (8,489)
------- ------- ------- -------
Net earnings $32,153 $24,990 $91,483 $66,529
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Per share amounts:
Before cumulative effect of
accounting change $0.72 $0.56 $2.04 $1.67
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------- ------- ------- -------
Net earnings $0.72 $0.56 $2.04 $1.48
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PRIMARY:
Weighted average shares outstanding 44,838 44,754 44,810 45,007
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 557 655 580 733
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45,395 45,409 45,390 45,740
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Per share amounts:
Before cumulative effect of
accounting change for $0.71 $0.55 $2.02 $1.64
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------- ------- ------- -------
Net earnings $0.71 $0.55 $2.02 $1.45
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FULLY DILUTED:
Weighted average shares outstanding 44,838 44,754 44,810 45,007
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 557 655 585 759
------ ------ ------ ------
45,395 45,409 45,395 45,766
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Per share amounts:
Before cumulative effect of
accounting change $0.71 $0.55 $2.02 1.64
Cumulative effect of accounting change
for Postemployment Benefits (0.19)
------ ------ ------ ------
Net earnings $0.71 $0.55 $2.02 $1.45
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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%.