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EXHIBIT 11
NACCO INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
Year Ended December 31
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1993 1992 1991
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(Amounts in thousands except per share data)
Income (loss):
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Income before extraordinary charge $ 11,593 $ 22,868 $ 20,038
Extraordinary charge, net-of-tax (3,292) (110,000)
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Net income (loss) $ 8,301 $ (87,132) $ 20,038
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Per share amounts reported
to stockholders -- Note 1:
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Income before extraordinary charge $ 1.30 $ 2.57 $ 2.26
Extraordinary charge, net-of-tax (.37) (12.37)
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Net income (loss) $ .93 $ (9.80) $ 2.26
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Primary:
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Weighted average shares outstanding 8,938 8,891 8,878
Dilutive stock options -- Note 2 15 33 39
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Totals 8,953 8,924 8,917
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Per share amounts
Income before extraordinary charge $ 1.30 $ 2.56 $ 2.25
Extraordinary charge, net-of-tax (.37) (12.32)
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Net income (loss) $ .93 $ (9.76) $ 2.25
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Fully diluted:
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Weighted average shares outstanding 8,938 8,891 8,878
Dilutive stock options -- Note 2 17 37 44
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Totals 8,955 8,928 8,922
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Per share amounts
Income before extraordinary charge $ 1.30 $ 2.56 $ 2.25
Extraordinary charge, net-of-tax (.37) (12.32)
---------- ---------- ----------
Net income (loss) $ .93 $ (9.76) $ 2.25
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<FN>
NOTE 1 -- Per share earnings have been computed and reported to the stockholders pursuant to APB Opinion No. 15, which provides that
"any reduction of less than 3% in the aggregate need not be considered as dilution in the computation and presentation of earnings
per share data."
NOTE 2 -- Dilutive stock options are calculated based on the treasury stock method. For primary per share earnings the average
market price is used. For fully diluted per share earnings the year-end market price, if higher than the average market price, is
used.