COMPUTATION OF EARNINGS PER SHARE               Exhibit 11
THE STANLEY WORKS AND SUBSIDIARIES
(dollars and shares in thousands except per share amounts)

                                       Fiscal Year Ended
                           December 31     January 1      January 2
                              1994           1994           1993
                           (52 Weeks)     (52 Weeks)     (53 Weeks)
  Earnings per common 
    share:
    Weighted average 
     shares outstanding       44,775        44,935          45,703
    Earnings before 
     cumulative effect
     of accounting 
     change                 $125,296       $92,630         $98,118
    Cumulative effect 
     of accounting 
     change for 
     Postemployment 
     Benefits                               (8,489)
      Net earnings          $125,296       $84,141         $98,118
    Per share amounts:   
      Before cumulative 
       effect of 
       accounting change    $   2.80       $  2.06         $  2.15
      Cumulative effect 
       of accounting 
       change for 
       Postemployment 
       Benefits                              (0.19)
      Net earnings          $   2.80       $  1.87         $  2.15
Primary:
    Weighted average 
      shares outstanding      44,775        44,935          45,703
    Dilutive common 
      stock equivalents--
      based on the 
      treasury stock 
      method using 
      average market 
      price                      553           713             718
                              45,328        45,648          46,421
    Per share amounts: 
      Before cumulative 
       effect of 
       accounting change    $   2.76       $  2.03         $  2.11
      Cumulative effect 
       of accounting change
       for Postemployment
       Benefits                              (0.19)
      Net earnings          $   2.76       $  1.84         $  2.11
  Fully Diluted:
    Weighted average 
      shares outstanding      44,775        44,935          45,703
    Dilutive common 
      stock equivalents--
      based on the 
      treasury stock 
      method using the 
      quarter end market 
      price if higher 
      than average market
      price                      557           757             779
                              45,332        45,692          46,482
    Per share amounts: 
      Before cumulative 
      effect of accounting 
      change                $   2.76       $  2.03         $  2.11
      Cumulative effect 
        of accounting 
        change for 
        Postemployment
        Benefits                             (0.19)
      Net earnings          $   2.76       $  1.84         $  2.11
                       
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%.