SAFEGUARD SCIENTIFICS, INC.
EXHIBIT 11 - COMPUTATION OF PER SHARE EARNINGS
Years ended December 31, 1996, 1995 and 1994
(In thousands except per share data)
1996 1995 1994
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Primary earnings per common share
Net earnings..................................................................... $ 19,927 $ 18,263 $ 15,740
Adjustment (1)................................................................... (832) (771) (656)
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$ 19,095 $ 17,492 $ 15,084
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Average common shares outstanding................................................ 29,900 29,052 28,344
Average common shares equivalents................................................ 1,448 1,682 1,095
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Average number of common shares and common share equivalents outstanding......... 31,348 30,734 29,439
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Primary earnings per common share................................................ $ .61 $ .57 $ .51
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Fully diluted earnings per common share
Primary net earnings............................................................. $ 19,927 $ 18,263 $ 15,740
Adjustment (1)................................................................... (832) (1,798) (1,781)
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$ 19,095 $ 16,465 $ 13,959
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Average common shares outstanding................................................ 29,900 29,052 28,344
Average common share equivalents................................................. 1,448 1,856 1,335
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Average number of common shares assuming full dilution........................... 31,348 30,908 29,679
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Fully diluted earnings per common share.......................................... $ .61 $ .53 $ .47
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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 of the Company's common shares effective July 17, 1996.