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EXHIBIT 11
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PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
(In Thousands - Except Per Share Data)
Three Months Ended Six Months Ended
June 30 June 30
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1996 1995 1996 1995
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Income from continuing operations $2,550 $4,221 $5,132 $6,917
Amortization of imputed goodwill associated (21) (21) (42) (42)
with the earnout shares ------ ------ ------ ------
Income from continuing operations related to
shareholders of Common Stock (Primary) 2,529 4,200 5,090 6,875
Interest (net of income taxes in 1996) associated with
convertible senior subordinated debentures 264 403 528 806
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Income from continuing operations related to
shareholders of Common Stock (Fully
diluted) $2,793 $4,603 $5,618 $7,681
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Discontinued operations $1,326 $ 600 $2,825 $1,644
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Net income related to shareholders of Common
Stock (Primary) $3,855 $4,800 $7,915 $8,519
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Net Income related to shareholders of Common
Stock (Fully diluted) $4,119 $5,203 $8,443 $9,325
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PRIMARY COMPUTATION
Average shares outstanding during the
period 10,407 10,402 10,405 9,361
Effect of General Aluminum Mfg. Company
earnout shares deemed to be issued 188 188 188 188
Effect of dilutive stock options based on
the treasury stock method using the
average market price for the period 517 144 409 161
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Shares used 11,112 10,734 11,002 9,710
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Per share of Common Stock:
Continuing operations $ .23 $ .39 $ .46 $ .71
Discontinued operations .12 .06 .26 .17
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Net income $ .35 $ .45 $ .72 $ .88
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FULLY DILUTED COMPUTATION
Average shares outstanding per primary
computation above 11,112 10,734 11,002 9,710
Additional effect of dilutive stock
options based on the treasury stock
method using the end of period market
price, if higher than the average
market price -0- -0- 90 -0-
Effect of assuming conversion of the
Convertible Senior Subordinated
Debentures 1,151 1,151 1,151 1,151
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Shares used 12,263 11,885 12,243 10,861
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Per share of common stock:
Continuing operations $ .23 $ .39 $ .46 $ .71
Discontinued operations .11 05 .23 .15
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Net income $ .34 $ .44 $ .69 $ .86
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