EXHIBIT 11 ALLIANT TECHSYSTEMS INC. COMPUTATION OF EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE (In thousands except per share amounts) Fiscal Fiscal Fiscal Year Year Year Ended Ended Ended March March March 31, 1997 31, 1996 31, 1995 --------- -------- --------- Primary calculation: Net income (loss) $ 59,159 $ 47,801 $(74,108) ========= ======== ======== Weighted average shares outstanding during the period 13,015 13,034 10,052 Shares issuable in connection with stock plans less shares purchasable with proceeds using the average per share purchase price or the respective periods as shown below 387 397 285 --------- -------- -------- Total common and common equivalent Shares - primary 13,402 13,431 10,337 ========= ======== ======== Primary earnings (loss) per common and common equivalent share $ 4.41 $ 3.56 $ (7.17) ========= ======== ======== Average share price for the period $ 48.81 $ 44.96 $ 32.19 ========= ======== ======== Fully diluted calculation: Net income (loss) $ 59,159 $ 47,801 $(74,108) ========= ======== ======== Weighted average shares outstanding during the period 13,015 13,034 10,052 Shares issuable in connection with stock plans less shares purchasable with proceeds using the higher of the average or period end share price as shown below 384 444 340 --------- -------- -------- Total common and common equivalent shares - fully diluted 13,402 13,478 10,392 ========= ======== ======== Fully diluted earnings (loss) per common and common equivalent share $ 4.41 $ 3.55 $ (7.13) ========= ======== ======== Higher of average or period end share price $ 48.81 $ 48.38 $ 38.13 ========= ======== ======== Note: For the year ended March 31, 1995, the inclusion of common stock equivalents in the primary and fully diluted earnings per share shown above have an anti-dilutive effect on the per share loss reported. Consistent with the provisions of Accounting Principles Board No. 15, the Company's earnings per share reported on its income statement for the year ended March 31, 1995, exclude common stock equivalents in the earnings per share amounts reported. Accordingly, such per share amounts do not agree with the amounts shown above.