Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(dollars and shares in thousands
except per share amounts)
FIRST QUARTER ENDED
MARCH 29 MARCH 30
1997 1996
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Earnings per common share:
Weighted average shares outstanding 88,755 88,815
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Net earnings $36,714 $29,633
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Per share amounts $0.41 $0.33
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PRIMARY:
Weighted average shares outstanding 88,755 88,815
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,383 1,276
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90,138 90,091
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Per share amounts $0.41 $0.33
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FULLY DILUTED:
Weighted average shares outstanding 88,755 88,815
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 1,437 1,341
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90,192 90,156
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Per share amounts $0.41 $0.33
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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%.