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                                                                     EXHIBIT 11 
                                      
                       BEARINGS, INC. AND SUBSIDIARIES
                                      
                     Computation of Net Income Per Share
                                 (Unaudited)
                      (Thousands,except per share data)

________________________________________________________________________________


                                                 Three Months Ended
                                                     September 30
                                                 1994           1993
                                                -----          -----
                                                       
    AVERAGE SHARES OUTSTANDING
    --------------------------

 1. Average common shares outstanding           7,576          7,533
 
 2. Net additional shares outstanding      
    assuming stock options exercised
    and proceeds used to purchase
    treasury stock                                142             97
                                                -----          -----

 3. Adjusted average common shares         
    outstanding for fully diluted          
    computation                                 7,718          7,630
                                                =====          =====

    NET INCOME                                                          
    ----------                                                       
 
 4. Net income as reported in                    
    statement of consolidated income           $3,019         $2,398
                                               ======         ======

    Net Income Per Share                                                
    --------------------                                            
 
 5. Net income per average common   
    share outstanding (4/1)                    $  .40         $  .32
                                               ======         ======

 6. Net income per common share                                     
    on a fully dilutive basis (4/3)            $  .39(A)      $  .31(A)
                                               ======         ======   


(A) Fully diluted net income per share is not presented as the dilutive effect
is less than 3%