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 1 JULY 2 JULY 1 JULY 2
1995 1994 1995 1994
Earnings per common share:
Weighted average shares outstanding 44,366 44,829 44,388 44,798
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Net earnings $31,450 $33,737 $60,186 $59,330
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Per share amounts $0.71 $0.75 $1.36 $1.32
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PRIMARY:
Weighted average shares outstanding 44,366 44,829 44,388 44,798
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 477 538 478 592
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44,843 45,367 44,866 45,390
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Per share amounts $0.70 $0.74 $1.34 $1.31
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FULLY DILUTED:
Weighted average shares outstanding 44,366 44,829 44,388 44,798
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 477 554 479 600
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44,843 45,383 44,867 45,398
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Per share amounts $0.70 $0.74 $1.34 $1.31
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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%.