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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1997 1996 1997 1996
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(Amounts in millions, except per share data)
Net income $ 14.5 $ 7.6 $ 32.2 $ 34.5
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Per share amounts reported
to stockholders - Note 1: $ 1.78 $ 0.85 $ 3.94 $ 3.84
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Primary:
Weighted average shares outstanding 8.153 8.985 8.177 8.981
Dilutive stock options - Note 2 .015 .009 .011 .011
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Totals 8.168 8.994 8.188 8.992
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Net income per share $ 1.78 $ 0.85 $ 3.93 $ 3.84
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Fully diluted:
Weighted average shares outstanding 8.153 8.985 8.177 8.981
Dilutive stock options - Note 2 .019 .009 .019 .011
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Totals 8.172 8.994 8.196 8.992
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Net income per share $ 1.77 $ 0.85 $ 3.93 $ 3.84
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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.