SAFEGUARD SCIENTIFICS, INC.
Exhibit 11
Computation of Per Share Earnings
Years ended December 31, 1995, 1994 and 1993
(In thousands, except per share data)
1995 1994 1993
------- ------- -------
Primary earnings per common share
Net earnings $18,263 $15,740 $ 3,853
Adjustment (1) -771 -656 -737
------- ------- -------
$17,492 $15,084 $ 3,116
------- ------- -------
------- ------- -------
Average common shares outstanding 14,526 14,172 14,718
Average common share equivalents 841 548 351
------- ------- -------
Average number of common shares and
common share equivalents outstanding 15,367 14,720 15,069
------- ------- -------
------- ------- -------
Primary earnings per common share $1.14 $1.03 $.21
------- ------- -------
------- ------- -------
Fully diluted earnings per common share
Primary net earnings $18,263 $15,740 $ 3,853
Adjustment (1) -1,798 -1,781 -1,745
------- ------- -------
$16,465 $13,959 $ 2,108
------- ------- -------
------- ------- -------
Average common shares outstanding 14,526 14,172 14,718
Average common share equivalents 928 668 486
------- ------- -------
Average number of common shares
assuming full dilution 15,454 14,840 15,204
------- ------- -------
------- ------- -------
Fully diluted earnings per common share $1.07 $.94 $.14
------- ------- -------
------- ------- -------
<FN>
(1) Net earnings are adjusted for the dilutive effect of public subsidiary
common stock equivalents (primary) and convertible securities (fully
diluted).
Share and per share data have been retroactively restated to reflect the
three-for-two split of the Company's common shares effective August 31, 1995.