Exhibit 11
Computation of Net Income per Common Share
Watts Industries, Inc.
(Amounts in thousands, except per share information)
Fiscal year ended June 30
1997 1996 1995
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FULLY DILUTED Average shares outstanding:
Class A Common Stock, par value $.10 15,868 18,161 18,118
Class B Common Stock, par value $.10 11,266 11,366 11,448
Net effect of dilutive stock
options--based
upon treasury stock method using ending
market price, if higher than average 299 0 189
price
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Total 27,433 29,527 29,755
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Income (loss) from continuing operations $48,460 $(53,765) $42,463
Income from discontinued operations 79 3,480 3,275
Gain on disposal of discontinued 3,208 0 0
operations
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Net income (loss) $51,747 $(50,285) $45,738
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Income (loss) per Common Share:
Income (loss) from continuing $1.77 $(1.82) $1.43
operations
Income from discontinued operations .00 .12 .11
Gain on disposal of discontinued .12 .00 .00
operations
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Net income (loss) $1.89 $(1.70) $1.54
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