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
SEPT 28 SEPT 30 SEPT 28 SEPT 30
1996 1995 1996 1995
Earnings per common share:
Weighted average shares outstanding 88,847 88,579 88,832 88,718
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Net earnings (loss) $37,677 ($1,713) $99,867 $58,473
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Per share amounts $0.42 ($0.02) $1.12 $0.66
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PRIMARY:
Weighted average shares outstanding 88,847 88,579 88,832 88,718
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,296 1,052 1,327 988
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90,143 89,631 90,159 89,706
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Per share amounts $0.42 ($0.02) $1.11 $0.65
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FULLY DILUTED:
Weighted average shares outstanding 88,847 88,579 88,832 88,718
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 1,296 1,176 1,348 1,030
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90,143 89,755 90,180 89,748
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Per share amounts $0.42 ($0.02) $1.11 $0.65
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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 prior periods have been
restated to give retroactive effect to the two-for-one stock split
declared on April 17, 1996.