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>