EXHIBIT 11 FEDERAL SIGNAL CORPORATION AND SUBSIDIARIES Computation of Income Per Common Share Income per common share was computed by dividing income by the weighted average number of common and common equivalent shares outstanding during each year. The treasury stock method was applied to those stock options that would have a dilutive effect on income per share. The average market price of the Registrant's stock was used in determining income per common share, while the year-end market price (if greater than the average market price) was used in determining income per common share - assuming full dilution. The weighted average number of common and common equivalent shares used in these computations were: Income Per Common Share 1994 1993 1992 (in thousands except per share data) Weighted average shares outstanding 45,458 45,738 45,544 Effect of dilutive options 499 555 584 Total 45,957 46,293 46,128 Income: Income before cumulative effects of accounting changes $46,770 $39,780 $34,430 Cumulative effects of accounting changes 30 Net income $46,770 $39,780 $34,460 Net income per share $ 1.02 $ .86 $ .75 Assuming Full Dilution (in thousands except per share data) Weighted average shares outstanding 45,458 45,738 45,544 Effect of dilutive options 515 555 584 Total 45,973 46,293 46,128 Income: Income before cumulative effects of accounting changes $46,770 $39,780 $34,430 Cumulative effects of accounting changes 30 Net income $46,770 $39,780 $34,460 Net income per share $ 1.02 $ .86 $ .75