SAFEGUARD SCIENTIFICS, INC.
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
(000 omitted except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
----------------------- ------------------------
1996 1995 1996 1995
-------- --------- --------- ---------
Primary earnings per common share
- ---------------------------------
Net earnings $4,745 $4,705 $14,133 $13,007
Adjustment (132) (216) (643) (526)
-------- -------- -------- --------
$4,613 $4,489 $13,490 $12,481
-------- -------- -------- --------
-------- -------- -------- --------
Average common shares outstanding 29,971 29,252 29,744 28,962
Average common share equivalents 1,313 1,592 1,501 1,634
-------- -------- -------- --------
Average number of common shares and
common share equivalents outstanding 31,284 30,844 31,245 30,596
-------- -------- -------- --------
-------- -------- -------- --------
Primary earnings per common share $0.15 $0.15 $0.43 $0.41
-------- -------- -------- --------
-------- -------- -------- --------
Fully diluted earnings per common share
- ---------------------------------------
Primary net earnings $4,745 $4,705 $14,133 $13,007
Adjustment (141) (585) (643) (1,648)
-------- -------- -------- --------
$4,604 $4,120 $13,490 $11,359
-------- -------- -------- --------
-------- -------- -------- --------
Average common shares outstanding 29,971 29,252 29,744 28,962
Average common share equivalents 1,387 1,702 1,599 1,910
-------- -------- -------- --------
Average number of common shares
assuming full dilution 31,358 30,954 31,343 30,872
-------- -------- -------- --------
-------- -------- -------- --------
Fully diluted earnings per common share $0.15 $0.13 $0.43 $0.37
-------- -------- -------- --------
-------- -------- -------- --------
(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 of the Company's common shares effective July 17, 1996.