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COMPUTATION OF EARNINGS PER SHARE Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
(dollars and shares in thousands except per share amounts)
Fiscal Year Ended
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December 30 December 31 January 1
1995 1994 1994
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Earnings per common share:
Weighted average shares outstanding 44,360 44,775 44,935
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Earnings before cumulative effect
of accounting change $59,099 $125,296 $ 92,630
Cumulative effect of accounting change
for Postemployment Benefits -- -- (8,489)
------- -------- ---------
Net earnings $59,099 $125,296 $ 84,141
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Per share amounts:
Before cumulative effect of
accounting change $ 1.33 $ 2.80 $ 2.06
Cumulative effect of accounting change
for Postemployment Benefits -- -- (0.19)
------- -------- ---------
Net earnings $ 1.33 $ 2.80 $ 1.87
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Primary:
Weighted average shares outstanding 44,360 44,775 44,935
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 560 553 713
------- -------- ---------
44,920 45,328 45,648
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Per share amounts:
Before cumulative effect of
accounting change $ 1.32 $ 2.76 $ 2.03
Cumulative effect of accounting change
for Postemployment Benefits -- -- (0.19)
------- -------- ---------
Net earnings $ 1.32 $ 2.76 $ 1.84
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Fully Diluted:
Weighted average shares outstanding 44,360 44,775 44,935
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 601 557 757
------- -------- ---------
44,961 45,332 45,692
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Per share amounts:
Before cumulative effect of
accounting change $ 1.31 $ 2.76 $ 2.03
Cumulative effect of accounting change
for Postemployment Benefits -- -- (0.19)
------- -------- ---------
Net earnings $ 1.31 $ 2.76 $ 1.84
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Note: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB Opinion
No. 15 because it results in dilution of less than 3%.