Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
STATEMENT OF PER SHARE EARNINGS
(dollars and shares in thousands except per share amounts)
SECOND QUARTER ENDED SIX MONTHS ENDED
June 28 June 29 June 28 June 29
1997 1996 1997 1996
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Earnings per common share:
Weighted average shares outstanding 88,987 88,825 88,878 88,830
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Net Earnings (Loss) ($64,520) $32,557 ($27,806) $62,190
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Per share amounts ($0.72) $0.37 ($0.31) $0.70
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PRIMARY:
Weighted average shares outstanding 88,987 88,825 88,878 88,830
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,736 1,407 1,588 1,342
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90,723 90,232 90,466 90,172
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Per share amounts ($0.71) $0.36 ($0.31) $0.69
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FILLY DILUTED:
Weighted average shares outstanding 88,987 88,825 88,878 88,830
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,814 1,407 1,645 1,374
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90,801 90,232 90,523 90,204
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Per share amounts ($0.71) $0.36 ($0.31) $0.69
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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%.