SAFEGUARD SCIENTIFICS, INC.
Exhibit 11
Computation of Per Share Earnings
Years ended December 31, 1994, 1993 and 1992
(In thousands, except per share data)
1994 1993 1992
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Primary earnings per common share
Net earnings $15,740 $3,853 $8,864
Adjustment (1) (656) (737)
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$15,084 $3,116 $8,864
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Average common shares outstanding 9,448 9,812 10,058
Average common share equivalents 365 234 42
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Average number of common shares and
common share equivalents outstanding 9,813 10,046 10,100
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Primary earnings per common share $1.54 $.31 $.88
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Fully diluted earnings per common share
Primary net earnings $15,740 $3,853 $8,864
Adjustment (1) (1,781) (1,745) (499)
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$13,959 $2,108 $8,365
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Average common shares outstanding 9,448 9,812 10,058
Average common share equivalents 445 324 144
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Average number of common shares
assuming full dilution 9,893 10,136 10,202
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Fully diluted earnings per common share $1.41 $.21 $.82
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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 restated to reflect the
two-for-one split of the Company's common shares effective September 7,
1994.