1
EXHIBIT 11
APPLIED POWER INC.
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended
-------------------------- --------------------------
FEBRUARY 29, February 28, FEBRUARY 29, February 28,
1996 1995 1996 1995
------------ ------------ ------------ ------------
PRIMARY:
- - --------
Average shares outstanding 13,420 13,255 13,415 13,223
Net effect of dilutive options based on the treasury
stock method using average market price 502 407 544 419
------ --------- -------- -------
Total 13,922 13,662 13,959 13,642
====== ========= ======== =======
Net earnings(loss):
Earnings before extraordinary item $7,650 $ 4,638 $15,360 $10,079
Extraordinary loss on debt extinguishment - (4,920) - (4,920)
------ --------- -------- -------
Net Earnings(Loss) $7,650 $ (282) $15,360 $ 5,159
Primary earnings(loss) per share:
Earnings before extraordinary item $ 0.55 $ 0.34 $ 1.10 $ 0.74
Extraordinary loss on debt extinguishment - (0.36) - (0.36)
------ --------- -------- -------
Net Earnings(Loss) $ 0.55 $ (0.02) $ 1.10 $ 0.38
====== ========= ======== =======
FULLY DILUTED:
- - --------------
Average shares outstanding 13,420 13,255 13,415 13,223
Net effect of dilutive options based on the treasury
stock method using the greater of average
or period-end market price 527 407 544 420
------ --------- -------- -------
Total 13,947 13,662 13,959 13,643
====== ========= ======== =======
Net earnings(loss):
Earnings before extraordinary item $7,650 $ 4,638 $15,360 $10,079
Extraordinary loss on debt extinguishment - (4,920) - (4,920)
------ --------- -------- -------
Net Earnings(Loss) $7,650 $ (282) $15,360 $ 5,159
====== ========= ======== =======
Fully diluted earnings(loss) per share:
Earnings before extraordinary item $ 0.55 $ 0.34 $ 1.10 $ 0.74
Extraordinary loss on debt extinguishment - (0.36) - (0.36)
------ --------- -------- -------
Net Earnings(Loss) $ 0.55 $ (0.02) $ 1.10 $ 0.38
====== ========= ======== =======
14