SAFEGUARD SCIENTIFICS, INC.
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(000 omitted except per share data)
Three Months Ended Six Months Ended
June 30 June 30
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1996 1995 1996 1995
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Primary earnings per common share
Net earnings $5,408 $4,766 $9,388 $8,302
Adjustment (1) (381) (177) (513) (299)
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$5,027 $4,589 $8,875 $8,003
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Average common shares outstanding 29,753 29,007 29,629 28,815
Average common share equivalents 1,580 1,572 1,566 1,557
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Average number of common shares and
common share equivalents outstanding 31,333 30,579 31,195 30,372
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Primary earnings per common share $.16 $.15 $.28 $.26
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Fully diluted earnings per common share
Primary net earnings $5,408 $4,766 $9,388 $8,302
Adjustment (1) (381) (571) (513) (1,001)
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$5,027 $4,195 $8,875 $7,301
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Average common shares outstanding 29,753 29,007 29,629 28,815
Average common share equivalents 1,596 1,710 1,632 1,818
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Average number of common shares
assuming full dilution 31,349 30,717 31,261 30,633
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Fully diluted earnings per common share $.16 $.14 $.28 $.24
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(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 adjusted to reflect the two-for-one split and the three-for-two
split of the Company's common shares effective July 17, 1996 and August 31, 1995, respectively.