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EXHIBIT 11
PARK-OHIO INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF NET INCOME PER COMMON SHARE
(Dollars in thousands -- except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
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1997 1996 1997 1996
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Income from continuing operations................... $ 2,526 $ 2,113 $ 7,803 $ 7,245
Amortization of imputed goodwill associated with the
earnout shares.................................... (21) (21) (63) (63)
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Income from continuing operations related to
shareholders of Common Stock (Primary)............ 2,505 2,092 7,740 7,182
Interest (net of income taxes) associated with
convertible senior subordinated debentures........ 237 264 728 792
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Income from continuing operations related to
shareholders of Common Stock (Fully diluted)...... $ 2,742 $ 2,356 $ 8,468 $ 7,974
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Discontinued operations............................. $ -0- $ 8,817 $ -0- $11,642
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Net income related to shareholders of Common Stock
(Primary)......................................... $ 2,505 $10,909 $ 7,740 $18,824
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Net income related to shareholders of Common Stock
(Fully diluted)................................... $ 2,742 $11,173 $ 8,468 $19,616
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PRIMARY COMPUTATION
Average shares outstanding during the period...... 10,742 10,408 10,650 10,406
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........................... 171 328 183 383
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Shares used.................................. 11,101 10,924 11,021 10,977
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Per share of Common Stock:
Continuing operations.......................... $ .23 $ .19 $ .70 $ .66
Discontinued operations........................ -0- .81 -0- 1.06
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Net income..................................... $ .23 $ 1.00 $ .70 $ 1.72
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FULLY DILUTED COMPUTATION
Average shares outstanding per primary computation
above.......................................... 11,101 10,924 11,021 10,977
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................................... 6 -0- 72 -0-
Effect of assuming conversion of the Convertible
Senior Subordinated Debentures................. 1,106 1,151 1,118 1,151
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Shares used.................................. 12,213 12,075 12,211 12,128
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Per share of common stock:
Continuing operations.......................... $ .22 $ .20 $ .69 $ .66
Discontinued operations........................ -0- .73 -0- .96
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Net income..................................... $ .22 $ .93 $ .69 $ 1.62
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