Exhibit 11
NACCO Industries, Inc. And Subsidiaries
Form 10-Q
Computation of Earnings per Share
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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1996 1995 1996 1995
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(Amounts in thousands except per share data)
Income:
Income before extraordinary charge $ 7,608 $ 13,658 $ 34,540 $ 41,195
Extraordinary charge, net-of-tax --- (2,102) --- (3,382)
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Net income $ 7,608 $ 11,556 $ 34,540 $ 37,813
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Per share amounts reported to stockholders - Note 1:
Income before extraordinary charge $ 0.85 $ 1.53 $ 3.85 $ 4.60
Extraordinary charge, net-of-tax --- (.24) --- (.38)
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Net income $ 0.85 $ 1.29 $ 3.85 $ 4.22
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Primary:
Weighted average shares outstanding 8,985 8,966 8,981 8,962
Dilutive stock options - Note 2 9 13 11 12
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Totals 8,994 8,979 8,992 8,974
========= ========= ========== ==========
Per share amounts
Income before extraordinary charge $ 0.85 $ 1.52 $ 3.84 $ 4.59
Extraordinary charge, net-of-tax --- (.23) --- (.38)
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Net income $ 0.85 $ 1.29 $ 3.84 $ 4.21
========= ========= ========== ==========
Fully diluted - Note 3:
Weighted average shares outstanding 8,962
Dilutive stock options - Note 2 13
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Totals 8,975
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Per share amounts
Income before extraordinary charge $ 4.59
Extraordinary charge, net-of-tax (.38)
==========
Net income $ 4.21
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EXHIBIT 11 - continued
Note 1 - Per share earnings have been computed and reported to the
stockholders pursuant to APB Opinion No. 15, which provides that "any
reduction of less than 3% in the aggregate need not be considered as dilution
in the computation and presentation of earnings per share data."
Note 2 - Dilutive stock options are calculated based on the treasury stock
method. For primary per share earnings the average market price is used. For
fully diluted per share earnings the period-end market price, if higher than
the average market price, is used.
Note 3 - Fully diluted per share earnings for the three and nine months ended
September 30, 1996 and for the three months ended September 30, 1995 are not
disclosed because the quarter-end market prices did not exceed the average
market price for the three and nine month periods in 1996 and the three month
period in 1995.