EXHIBIT 11 BAIRNCO CORPORATION AND SUBSIDIARIES CALCULATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992 1994 1993 1992 PRIMARY EARNINGS PER SHARE: <F1> Income from continuing operations $ 7,255,000 $ 817,000 $ 7,755,000 (Loss) from discontinued operations, net of income taxes -- (23,395,000) (257,000) Net Income (Loss) $ 7,255,000 $(22,578,000) $ 7,498,000 Average common shares outstanding 10,500,000 10,500,000 10,496,000 Common shares issuable in respect to common stock equivalents, with a dilutive effect -- -- 248,000 Total common and common equivalent shares 10,500,000 10,500,000 10,744,000 Primary Earnings Per Common Share: Continuing operations $ 0.69 $ 0.08 $ 0.72 Discontinued operations -- (2.23) (0.02) Total $ 0.69 $ (2.15) $ 0.70 FULLY DILUTED EARNINGS PER SHARE: <F1> Income from continuing operations $ 7,255,000 $ 817,000 $ 7,755,000 (Loss) from discontinued operations, net of income taxes -- (23,395,000) (257,000) Net Income (Loss) $ 7,255,000 $(22,578,000) $ 7,498,000 Total common and common equivalent shares 10,500,000 10,500,000 10,744,000 Additional common shares assuming full dilution -- -- 5,000 Total common shares assuming full dilution 10,500,000 10,500,000 10,749,000 Fully Diluted Earnings Per Common Share: Continuing operations $ 0.69 $ 0.08 $ 0.72 Discontinued operations -- (2.23) (0.02) Total $ 0.69 $ (2.15) $ 0.70 <FN> <F1> Earnings per share is based on the average number of shares outstanding during each period. Primary earnings per share includes all common stock equivalents. Fully diluted earnings per share includes all common stock equivalents plus the additional common shares issuable assuming full dilution. </FN>