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EXHIBIT 11
PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATIONS OF NET INCOME (LOSS) PER COMMON SHARE
YEAR ENDED DECEMBER 31
----------------------
1994 1993 1992
---- ---- ----
Income (loss) $12,484,347 $ 6,031,419 $(7,655,007)
Less Preferred Stock dividend requirements -0- 27,362 28,028
----------- ----------- -----------
12,484,347 6,004,057 (7,683,035)
Amortization of imputed goodwill
associated with the earnout shares (397,800) -0- -0-
Cumulative effect of change in
accounting principle -0- -0- (26,891,174)
Net income (loss) related to
shareholders of Common Stock
----------- ----------- -----------
(Primary) 12,086,547 6,004,057 (34,574,209)
Interest associated with convertible
senior subordinated debentures 1,009,000 -0- -0-
Net income (loss) related to
shareholders of Common Stock
----------- ----------- -----------
(Fully Diluted) $13,095,547 $ 6,004,057 $(34,574,209)
=========== =========== ============
Primary Computation:
Average shares outstanding 7,237,195 6,529,226 6,006,789
Effect of Kay Home Products, Inc.
earnout shares deemed to be issued 509,473 -0- -0-
Effect of General Aluminum Mfg. Company
earnout shares deemed to be issued 187,500 -0- -0-
Effect of dilutive stock options
based on the treasury stock
method using the average market
price for the period 157,854 112,814 -0-
----------- ----------- -----------
Total Shares Used in Primary
Computation 8,092,022 6,642,040 6,006,789
=========== =========== ===========
Per share of Common Stock:
Income (loss) $ 1.49 $ .90 $ (1.28)
Cumulative effect of change in
accounting principle -0- -0- (4.48)
----------- ----------- ------------
Net Income (loss) $ 1.49 $ .90 $ (5.76)
=========== =========== ============
Fully Diluted Computation:
Average shares outstanding per
primary computation above 8,092,022 6,642,040 6,006,789
Additional effect of dilutive
stock options based on the
treasury stock method using
the year-end market price, if
higher than the average market
price -0- 24,177 -0-
Effect of assuming conversion of
the convertible subordinated
debentures 723,258 -0- -0-
Effect of assuming conversion of
the $.75 Cumulative Convertible
Preferred Stock (weighted
average) -0- 39,274 74,742
----------- ----------- -----------
Total Shares Used in Fully
Diluted Computation 8,815,280 6,705,491 6,081,531
=========== =========== ===========
Per share of Common Stock:**
Income (loss) $ 1.49 $ .90 $ (1.26)
Cumulative effect of change in
accounting principle -0- -0- (4.42)
----------- ----------- ------------
Net income (loss) $ 1.49 $ .90 $ (5.68)
=========== =========== ============
<FN>
**Disclosure not presented in consolidated statement of operations because the effect is either anti-dilutive or not material.