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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1995 1994 1995 1994
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Primary earnings per common share
Net earnings $ 4,766 $3,808 $ 8,302 $7,091
Adjustment (1) (177) (157) (299) (313)
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$ 4,589 $3,651 $ 8,003 $6,778
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Average common shares outstanding 9,669 9,446 9,605 9,404
Average common share equivalents 524 410 519 418
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Average number of common shares and
common share equivalents outstanding 10,193 9,856 10,124 9,822
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Primary earnings per common share $.45 $.37 $.79 $.69
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Fully diluted earnings per common share
Primary net earnings $ 4,766 $3,808 $ 8,302 $7,091
Adjustment (1) (571) (394) (1,001) (823)
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$ 4,195 $3,414 $ 7,301 $6,268
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Average common shares outstanding 9,669 9,446 9,605 9,404
Average common share equivalents 570 410 606 418
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Average number of common shares
assuming full dilution 10,239 9,856 10,211 9,822
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Fully diluted earnings per common share $.41 $.35 $.72 $.64
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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 September 7, 1994.