GRAHAM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
1995 1994 1993
Calculation of common and common
equivalent shares:
Shares outstanding at beginning
of the year 1,051,499 1,046,137 1,046,137
Weighted average number of shares
issued during the year:
Issuance of shares 454 4,290
Exercise of stock options 425
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Weighted average shares outstanding 1,052,378 1,050,427 1,046,137
Common equivalent shares if stock
options were exercised 629 648
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Average number of common and common
equivalent shares outstanding 1,053,007 1,050,427 1,046,785
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Calculation of earnings per share:
Net income (loss) $ 1,134,000 $(8,415,000) $ 408,000
Average number of common and common
equivalent shares outstanding 1,053,007 1,050,427 1,046,785
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Earnings (loss) per common and common
equivalent share $ 1.08 $(8.01) $ .39
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<FN>
Fully diluted earnings per share is equivalent to primary
earnings per share as the year-end market price of common stock
does not result in greater dilution.