Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands, except per share amounts)
THIRD QUARTER ENDED NINE MONTHS ENDED
SEPT 30 OCT 1 SEPT 30 OCT 1
1995 1994 1995 1994
Earnings (Loss) per common share:
Weighted average shares outstanding 44,290 44,838 44,359 44,810
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Net earnings (loss) ($1,713) $32,153 $58,473 $91,483
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Per share amounts ($0.04) $0.72 $1.32 $2.04
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PRIMARY:
Weighted average shares outstanding 44,290 44,838 44,359 44,810
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 526 557 494 580
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44,816 45,395 44,853 45,390
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Per share amounts ($0.04) $0.71 $1.30 $2.02
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FULLY DILUTED:
Weighted average shares outstanding 44,290 44,838 44,359 44,810
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 588 557 515 585
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44,878 45,395 44,874 45,395
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Per share amounts ($0.04) $0.71 $1.30 $2.02
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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%.