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 1995 1994 1993
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(in thousands except per share data)
Weighted average shares outstanding 45,313 45,458 45,738
Effect of dilutive options 546 499 555
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Total 45,859 45,957 46,293
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Net income $51,610 $46,770 $39,780
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Net income per share $ 1.13 $ 1.02 $ .86
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Assuming Full Dilution
(in thousands except per share data)
Weighted average shares outstanding 45,313 45,458 45,738
Effect of dilutive options 665 515 555
------ ------ ------
Total 45,978 45,973 46,293
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Net income $51,610 $46,770 $39,780
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Net income per share $ 1.12 $ 1.02 $ .86
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