EXHIBIT 11
COMPUTATION OF NET EARNINGS PER SHARE
DONALDSON COMPANY, INC. AND SUBSIDIARIES
(Dollars in Thousands Except Per Share Amounts)
Year Ended July 31
1994 1993 1992
---- ---- ----
Primary
Average shares outstanding 27,026,291 27,582,628 27,497,198
Effect of stock options based
on the treasury stock method
using average market price 260,338 233,866 469,350
----------- ----------- -----------
Total 27,286,629 27,816,494 27,966,548
=========== =========== ===========
Earnings before accounting
change $ 31,949 $ 28,214 $ 25,769
Cumulative effect of accounting
change 2,206 -- --
----------- ----------- -----------
Net Earnings $ 34,155 $ 28,214 $ 25,769
=========== =========== ===========
Earnings Per Share:
Earnings before accounting $ 1.17 $ 1.01 $ .92
change
Cumulative effect of accounting
change .08 -- --
----------- ----------- -----------
Net Earnings Per Share $ 1.25 $ 1.01 $ .92
=========== =========== ===========
Fully Diluted
Average shares outstanding 27,026,291 27,582,628 27,497,198
Effect of stock options based on the
treasury stock method using average market
price during the year or ending market price,
whichever is higher 287,074 270,834 485,182
----------- ----------- -----------
Total 27,313,365 27,853,462 27,982,380
=========== =========== ===========
Earnings before accounting
change $ 31,949 $ 28,214 $ 25,769
Cumulative effect of accounting
change 2,206 -- --
----------- ----------- -----------
Net Earnings $ 34,155 $ 28,214 $ 25,769
=========== =========== ===========
Earnings Per Share:
Earnings before accounting
change $ 1.17 $ 1.01 $ .92
Cumulative effect of accounting
change .08 -- --
----------- ----------- -----------
Net Earnings Per Share $ 1.25 $ 1.01 $ .92
=========== =========== ===========
All share and per share amounts have been adjusted for all stock splits.