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EXHIBIT 11
PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
(In Thousands - Except Per Share Data)
Year Ended December 31
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1996 1995 1994
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Income from continuing operations $ 9,693 $ 19,813 $ 8,478
Amortization of imputed goodwill associated
with the earnout shares (84) (77) (398)
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Income from continuing operations related to
shareholders of Common Stock (Primary) 9,609 19,736 8,080
Interest (net of income taxes in 1996)
associated with convertible senior
subordinated debentures 999 1,612 1,009
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Income from continuing operations related to
shareholders of Common Stock (Fully
diluted) $ 10,608 $ 21,348 $ 9,089
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Discontinued operations $ 11,642 $ 4,221 $ 4,006
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Net income related to shareholders of Common
Stock (Primary) $ 21,251 $ 23,957 $ 12,086
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Net income related to shareholders of Common
Stock (Fully diluted) $ 22,250 $ 25,569 $ 13,095
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PRIMARY COMPUTATION
Average shares outstanding during the period 10,433,096 9,885,958 6,949,695
Effect of General Aluminum Mfg. Company
earnout shares deemed to be issued 187,500 187,500 187,500
Effect of Kay Home Products, Inc.
earnout shares deemed to be issued -0- -0- 796,973
Effect of dilutive stock options based on
the treasury stock method using the
average market price for the period 339,583 183,789 157,854
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Shares used 10,960,179 10,257,247 8,092,022
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Per share of Common Stock:
Continuing operations $ .88 $ 1.93 $ 1.00
Discontinued operations 1.06 .41 .49
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Net income $ 1.94 $ 2.34 $ 1.49
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FULLY DILUTED COMPUTATION
Average shares outstanding per primary
computation above 10,960,179 10,257,247 8,092,022
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- 59,276 -0-
Effect of assuming conversion of the
Convertible Senior Subordinated
Debentures 1,150,880 1,150,880 723,258
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Shares used 12,111,059 11,467,403 8,815,280
Per share of common stock: ============ ============ ===========
Continuing operations $ .88 $ 1.86 $ 1.04
Discontinued operations .96 .37 .45
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Net income $ 1.84 $ 2.23 $ 1.49
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