Exhibit 11
COMPUTATION OF EARNINGS PER SHARE
THE STANLEY WORKS AND SUBSIDIARIES
(dollars and shares in thousands except per share amounts)
Fiscal Year Ended
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December 28 December 30 December 31
1996 1995 1994
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Weighted average shares outstanding 88,824 88,719 89,550
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Net earnings $96,927 $59,099 $125,296
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Net earnings per share $1.09 $0.67 $1.40
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Primary:
Weighted average shares outstanding 88,824 88,719 89,550
Dilutive common stock equivalents -
based on the treasury stock method
using average market price 1,030 1,120 1,106
-------- -------- ---------
89,854 89,839 90,656
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Net earnings per share $1.08 $0.66 $1.38
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Fully Diluted:
Weighted average shares outstanding 88,824 88,719 89,550
Dilutive common stock equivalents -
based on the treasury stock method
using the quarter end market price
if higher than average market price 1,049 1,202 1,114
-------- -------- ---------
89,873 89,921 90,664
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Net earnings per share $1.08 $0.66 $1.38
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Note: This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of APB
Opinion No. 15 because it results in dilution of less than 3%.
The weighted average number of shares for prior periods have been
restated to give retroactive effect to the two-for-one stock split
declared on April 17, 1996.