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CRANE CO. AND SUBSIDIARIES
EXHIBIT D TO FORM 10-K
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1994
Computation of Net Income Per Share
(In Thousands Except Per Share Data)
Primary 1994 1993 1992 1991 1990
- ------- -------- -------- -------- -------- --------
Income before a change in
accounting $ 55,933 $ 48,893 $ 24,286 $44,993 $ 62,735
Cumulative effect of a change
in accounting - - - (22,341)(a) -
-------- -------- -------- --------- --------
Net Income $ 55,933 $ 48,893 $ 24,286 $ 22,652 $ 62,735
======== ======== ======== ======== ========
Per common share before a change
in accounting $ 1.86 $ 1.62 $ .79 $ 1.42 $ 1.96
Cumulative effect of a change
in accounting - - - (.70)(a) -
-------- ------- -------- -------- --------
Net income per share $ 1.86 $ 1.62 $ .79 $ .72 $ 1.96
======== ======= ======== ========= ========
Average number of primary
shares 30,146 30,217 30,845 31,628 32,057
(a) Postretirement benefits other than pensions
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CRANE CO.
EXHIBIT D TO FORM 10-K (CONTINUED)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1994
Computation of Net Income Per Share
(In Thousands Except Per Share Data)
Fully Diluted 1994 1993 1992 1991 1990
- ------------- -------- -------- -------- -------- --------
Income before a change in
accounting $ 55,933 $ 48,893 $ 24,286 $ 44,993 $ 62,735
Conversion of debentures:
Add back interest, net
of income tax - 25 30 32 32
-------- -------- -------- -------- --------
Income assuming conversion of
debentures before change in
accounting 55,933 48,918 24,316 45,025 62,767
Cumulative effect of a change
in accounting - - - (22,341) -
-------- -------- -------- -------- --------
Net income - assuming
conversion of debentures $ 55,933 $ 48,918 $ 24,316 $ 22,684 $ 62,767
======== ======== ======== ======== ========
Income per share before a change
in accounting $ 1.85 $ 1.61 $ .78 $ 1.41 $ 1.94
Cumulative effect of a change
in accounting - - - (.70)(a) -
-------- -------- -------- -------- --------
Net income $ 1.85 $ 1.61 $ .78 $ .71 $ 1.94
======== ======== ======== ======== ========
Average number of primary shares 30,146 30,217 30,845 31,628 32,057
Add:
Adjustment to primary shares
for dilutive stock options
(ending market price higher
than average market price) 14 - 18 55 -
Shares reserved for conversion
of debentures 90 187 217 231 242
-------- -------- -------- -------- --------
Total average number of
shares 30,250 30,404 31,080 31,914 32,299
======== ======== ======== ======== ========
(a) Postretirement benefits other than pensions