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
JUNE 29 JULY 1 JUNE 29 JULY 1
1996 1995 1996 1995
Earnings per common share:
Weighted average shares outstanding 88,825 88,732 88,830 88,775
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Net earnings $32,557 $31,450 $62,190 $60,186
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Per share amounts $0.37 $0.36 $0.70 $0.68
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PRIMARY:
Weighted average shares outstanding 88,825 88,732 88,830 88,775
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,407 954 1,342 956
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90,232 89,686 90,172 89,731
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Per share amounts $0.36 $0.35 $0.69 $0.67
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FULLY DILUTED:
Weighted average shares outstanding 88,825 88,732 88,830 88,775
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 1,407 954 1,374 958
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90,232 89,686 90,204 89,733
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Per share amounts $0.36 $0.35 $0.69 $0.67
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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%.
The weighted average number of shares for all prior periods have been
restated to give retroactive effect to the two-for-one stock split
declared on April 17, 1996.