EXHIBIT (11) ANTHONY INDUSTRIES, INC. COMPUTATION OF EARNINGS PER SHARE FOR THE THREE YEARS ENDED DECEMBER 31, 1995 (THOUSANDS EXCEPT FOR DOLLARS PER SHARE) 1995 1994(A)(B) 1993(A)(B) ------- ---------- ---------- Income from continuing operations............... $19,799 $13,754 $12,364 Loss from discontinued operations............... (4,920) (721) (1,243) ------- ------- ------- Net income...................................... $14,879 $13,033 $11,121 ======= ======= ======= Primary: Average shares outstanding..................... 14,367 11,800 11,703 Net effect of dilutive stock options under the treasury stock method using average price..... 131 119 95 ------- ------- ------- Total....................................... 14,498 11,919 11,798 ======= ======= ======= Per share amounts: Continuing operations......................... $ 1.37 $ 1.15 $ 1.05 Net income.................................... $ 1.03 $ 1.09 $ .94 Fully Diluted: Average shares outstanding..................... 14,367 11,800 11,703 Net effect of dilutive stock options under the treasury stock method using year end market price, if higher than average market price.... 212 130 152 ------- ------- ------- Total....................................... 14,579 11,930 11,855 ======= ======= ======= Per share amounts: Continuing operations......................... $ 1.36 $ 1.15 $ 1.04 Net income.................................... $ 1.02 $ 1.09 $ .94 - -------- (a) Retroactively adjusted for stock dividends (b) Information has been restated to reflect the sale of the Division (for further information see Note 2 of Notes to Consolidated Financial Statements).