1
EXHIBIT 11
APPLIED POWER INC.
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Ended
--------------------------------------------------------
MAY 31, May 31, MAY 31, May 31,
1997 1996 1997 1996
------- ------- ------- -------
PRIMARY:
Average shares outstanding 13,793 13,471 13,753 13,430
Net effect of dilutive options based on the treasury
stock method using average market price 611 523 560 538
--------- --------- --------- ---------
Total 14,404 13,994 14,313 13,968
========= ========= ========= =========
Net earnings $ 11,098 $ 9,145 $ 30,107 $ 24,505
========= ========= ========= =========
Primary earnings per share $ .77 $ .65 $ 2.10 $ 1.75
========= ========= ========= =========
FULLY DILUTED:
Average shares outstanding 13,793 13,471 13,753 13,430
Net effect of dilutive options based on the treasury
stock method using the greater of average
or period-end market price 637 523 651 538
-------- --------- -------- --------
Total 14,430 13,994 14,404 13,968
======== ========= ======== ========
Net earnings $ 11,098 $ 9,145 $ 30,107 $ 24,505
======== ========= ======== ========
Fully diluted earnings per share $ .77 $ .65 $ 2.09 $ 1.75
======== ========= ======== ========
13