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Exhibit 11
APPLIED POWER INC.
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended
February 28, February 28,
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1995 1994 1995 1994
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PRIMARY:
Average shares outstanding 13,255 13,016 13,223 13,013
Net effect of dilutive options based
on the treasury stock method
using average market price 407 153 419 141
------- ------- -------- -------
Total 13,662 13,169 13,642 13,154
Net earnings (loss):
Continuing operations $ 4,638 $ 3,297 $ 10,079 $ 6,225
Discontinued operations - - - (348)
Extraordinary loss on debt extinguishment (4,920) - (4,920) -
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Net Earnings $ (282) $ 3,297 $ 5,159 $ 5,877
Primary earnings (loss) per share:
Continuing operations $ 0.34 $ 0.25 $ 0.74 $ 0.47
Discontinued operations - - - (0.02)
Extraordinary loss on debt extinguishment (0.36) - (0.36) -
------- ------- -------- -------
Net Earnings $ (0.02) $ 0.25 $ 0.38 $ 0.45
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FULLY DILUTED: (A)
Average shares outstanding 13,255 13,016 13,223 13,013
Net effect of dilutive options based
on the treasury stock method
using the greater of average
or period-end market price 407 235 420 238
------- ------- -------- -------
Total 13,662 13,251 13,643 13,251
Net earnings (loss):
Continuing operations $ 4,638 $ 3,297 $ 10,079 $ 6,225
Discontinued operations - - - (348)
Extraordinary loss on debt extinguishment (4,920) - (4,920) -
------- ------- -------- -------
Net Earnings $ (282) $ 3,297 $ 5,159 $ 5,877
Fully diluted earnings (loss) per share:
Continuing operations $ 0.34 $ 0.25 $ 0.74 $ 0.47
Discontinued operations - - - (0.03)
Extraordinary loss on debt extinguishment (0.36) - (0.36) -
------- ------- -------- -------
Net Earnings $ (0.02) $ 0.25 $ 0.38 $ 0.44
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(A) Dilution of less than 3%; therefore not presented in Condensed
Consolidated Statement of Earnings.
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