Exhibit 11
NACCO Industries, Inc. And Subsidiaries
Form 10-Q
Computation of Earnings per Share
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
------------------ ----------------
1997 1996 1997 1996
--------- --------- --------- ---------
(Dollars and shares in millions, except
per share data)
Net income $ 14.9 $ 14.0 $ 17.7 $ 26.9
========= ========= ========= ========
Per share amounts reported
to stockholders - Note 1: $ 1.82 $ 1.56 $ 2.16 $ 3.00
========= ========= ========= ========
Primary:
Weighted average shares outstanding 8.18 8.98 8.18 8.979
Dilutive stock options - Note 2 7 12 8 12
--------- --------- --------- -------
Totals 8.19 8.99 8.19 8.991
========= ========= ========= =======
Net income per share $ 1.82 $ 1.56 $ 2.16 $ 3.00
========= ========= ========= ========
Fully diluted:
Weighted average shares outstanding 8.18 8.98 8.18 8.979
Dilutive stock options - Note 2 10 12 10 12
--------- --------- --------- -------
Totals 8.19 8.99 8.19 8.991
========== ========= ========= ========
Net income per share $ 1.82 $ 1.56 $ 2.16 $ 3.00
========= ========= ========= =======
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.