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EXHIBIT (11)
THE LINCOLN ELECTRIC COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
(In thousands except per share data)
Year Ended December 31
1993 1992* 1991*
Primary:
Average shares outstanding 10,852 10,790 10,790
======== ======== ========
Income (loss) before cumulative
effect of accounting change $(40,536) $(45,800) $ 14,365
Cumulative effect to January 1, 1993
of change in method of accounting
for income taxes 2,468
-------- -------- --------
Net income (loss) $(38,068) $(45,800) $ 14,365
======== ======== ========
Per share amounts:
Income (loss) before cumulative
effect of accounting change $ (3.74) $ (4.24) $ 1.33
Cumulative effect to January 1, 1993
of change in method of accounting
for income taxes .23
-------- -------- --------
Net income (loss) $ (3.51) $ (4.24) $ 1.33
======== ======== ========
Fully diluted:
Average shares outstanding 10,852 10,790 10,790
Dilutive stock purchase contracts
--based on the treasury stock
method using the higher of
average or year-end market price
-------- -------- --------
10,852 10,790 10,790
======== ======== ========
Income (loss) before cumulative
effect of accounting change $(40,536) $(45,800) $ 14,365
Cumulative effect to January 1, 1993
of chnage in method of accounting
for income taxes 2,468
-------- -------- --------
Net income (loss) $(38,068) $(45,800) $ 14,365
======== ======== ========
Per share amounts:
Income (loss) before cumulative
effect of accounting change $ (3.74) $ (4.24) $ 1.33
Cumulative effect to January 1, 1993
of change in method of accounting
for income taxes .23
-------- -------- --------
Net income (loss) $ (3.51) $ (4.24) $ 1.33
======== ======== ========
<FN>
*Share and per share amounts have been adjusted for the ten-for-one stock split in 1993.