EXHIBIT 11
(Page 1 of 2)
CRANE CO. AND SUBSIDIARIES
EXHIBIT C TO FORM 10-K
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1993
Computation of Net Income Per Share
(In Thousands Except Per Share Data)
Primary 1993 1992 1991 1990 1989
- ----------------------------------- -------- -------- ------------ -------- --------
Income before a change in
accounting $48,893 $24,286 $44,993 $62,735 $55,919
Cumulative effect of a change
in accounting - - (22,341)(a) - -
------- ------- -------- ------- -------
Net Income $48,893 $24,286 $22,652 $62,375 $55,919
======= ======= ======= ======= =======
Per common share before a change
in accounting $ 1.62 $ .79 $ 1.42 $ 1.96 $ 1.72
Cumulative effect of a change
in accounting - - (.70)(a) - -
------- ------- -------- ------- -------
Net income per share $ 1.62 $ .79 $ .72 $ 1.96 $ 1.72
======= ======= ======= ======= =======
Average number of primary
shares 30,217 30,845 31,628 32,057 32,583
(a) Postretirement benefits other than pensions
(Page 2 of 2)
CRANE CO.
EXHIBIT C TO FORM 10-K (CONTINUED)
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1993
Computation of Net Income Per Share
(In Thousands Except Per Share Data)
Fully Diluted 1993 1992 1991 1990 1989
- ----------------------------------- -------- -------- ------------ -------- --------
Income before a change in
accounting $48,893 $24,286 $44,993 $62,735 $55,919
Conversion of debentures:
Add back interest, net
of income tax 25 30 32 32 37
------- ------- ------- ------- -------
Income assuming conversion of
debentures before change in
accounting 48,918 24,316 45,025 62,767 55,956
Cumulative effect of a change
in accounting - - (22,341)(a) - -
------- ------- -------- ------- -------
Net income - assuming
conversion of debentures $48,918 $24,316 $22,684 $62,767 $55,956
======= ======= ======= ======= =======
Income per share before a change
in accounting $ 1.61 $ .78 $ 1.41 $ 1.94 $ 1.69
Cumulative effect of a change
in accounting - - (.70)(a) - -
------- ------- -------- ------- -------
Net income $ 1.61 $ .78 $ .71 $ 1.94 $ 1.69
======= ======= ======= ======= =======
Average number of primary shares 30,217 30,845 31,628 32,057 32,583
Add:
Adjustment to primary shares
for dilutive stock options
(ending market price higher
than average market price) - 18 55 - 176
Shares reserved for conversion
of debentures 187 217 231 242 277
------- ------- ------- ------- -------
Total average number of
shares 30,404 31,080 31,914 32,299 33,036
======= ======= ======= ======= =======
(a) Postretirement benefits other than pensions