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EXHIBIT 11
ITT INDUSTRIES, INC. AND SUBSIDIARIES
CALCULATION OF EARNINGS (LOSS) PER SHARE
(IN MILLIONS, EXCEPT PER SHARE)
THREE MONTHS
ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1997 1996 1997 1996
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PRIMARY BASIS --
Net income....................................... $ 82.6 $ 67.7 $126.9 $107.7
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Average common shares outstanding................ 118.4 117.9 118.4 117.7
Common shares issuable in respect to common stock
equivalents................................... 2.1 2.9 2.2 2.8
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Average common equivalent shares................. 120.5 120.8 120.6 120.5
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Earnings Per Share
Net income....................................... $ .68 $ .56 $ 1.05 $ .89
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FULLY DILUTED BASIS --
Net income....................................... $ 82.6 $ 67.7 $126.9 $107.7
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Average common equivalent shares................. 120.5 120.8 120.6 120.5
Additional common shares issuable assuming full
dilution...................................... .2 -- .2 --
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Average common equivalent shares assuming full
dilution...................................... 120.7 120.8 120.8 120.5
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Earnings Per Share
Net income....................................... $ .68 $ .56 $ 1.05 $ .89
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With respect to options, it is assumed that the proceeds to be received
upon exercise are used to acquire common stock of the Company. The dilutive
nature of securities is determined quarterly based on the forecast of annual
earnings.
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