EX-11 4 dex11.htm COMPUTATION OF NET INCOME PER SHARE Computation of Net Income Per Share

Exhibit 11

CRANE CO. AND SUBSIDIARIES
Exhibit 11 to FORM 10-K
Annual Report for the Year Ended December 31, 2002

Computation of Net Income Per Share
(In Thousands, Except Per Share Data)

 

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 
Basic
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income from continuing operations
 

$

16,628

 

$

88,620

 

$

123,729

 

$

100,898

 

$

124,842

 
Income from discontinued operations
 

 

—  

 

 

—  

 

 

—  

 

 

13,672

 

 

13,596

 
Cumulative effect of a change in accounting principle
 

 

(28,076

)

 

—  

 

 

—  

 

 

—  

 

 

—  

 
 
 

 

 

 

 

 
Net (loss) income
 

$

(11,448

)

$

88,620

 

$

123,729

 

$

114,570

 

$

138,438

 
 
 

 

 

 

 

 
Income from continuing operations
 

$

0.28

 

$

1.48

 

$

2.03

 

$

1.51

 

$

1.82

 
Income from discontinued operations
 

 

—  

 

 

—  

 

 

—  

 

 

.20

 

 

.20

 
Cumulative effect of a change in accounting principle
 

 

(0.47

)

 

—  

 

 

—  

 

 

—  

 

 

—  

 
 
 

 

 

 

 

 
Net (loss) income per share
 

$

(0.19

)

$

1.48

 

$

2.03

 

$

1.71

 

$

2.02

 
 
 

 

 

 

 

 
Weighted average number of basic shares
 

 

59,728

 

 

59,825

 

 

60,919

 

 

66,981

 

 

68,555

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Diluted
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income from continuing operations
 

$

16,628

 

$

88,620

 

$

123,729

 

$

100,898

 

$

124,842

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Income from discontinued operations
 

 

—  

 

 

—  

 

 

—  

 

 

13,672

 

 

13,596

 
Cumulative effect of a change in accounting principle
 

 

(28,076

)

 

—  

 

 

—  

 

 

—  

 

 

—  

 
 
 

 

 

 

 

 
Net (loss) income
 

$

(11,448

)

$

88,620

 

$

123,729

 

$

114,570

 

$

138,438

 
 
 

 

 

 

 

 
Income from continuing operations
 

$

0.28

 

$

1.47

 

$

2.02

 

$

1.50

 

$

1.80

 
Income from discontinued operations
 

 

—  

 

 

—  

 

 

—  

 

 

.20

 

 

.20

 
Cumulative effect of a change in accounting principle
 

 

(0.47

)

 

—  

 

 

—  

 

 

—  

 

 

—  

 
 
 

 

 

 

 

 
Net (loss) income per share
 

$

(0.19

)

$

1.47

 

$

2.02

 

$

1.70

 

$

2.00

 
 
 

 

 

 

 

 
Weighted average number of basic shares
 

 

59,728

 

 

59,825

 

 

60,919

 

 

66,981

 

 

68,555

 
Add:
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Adjustment to basic shares for dilutive stock options  *
 

 

—  

 

 

530

 

 

480

 

 

479

 

 

813

 
 
 

 

 

 

 

 
Total weighted average number of shares
 

 

59,728

 

 

60,355

 

 

61,399

 

 

67,460

 

 

69,368

 
 
 

 

 

 

 

 
 
 
 
* For the year ended 2002, 318,000 shares attributable to the exercise of outstanding options were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive.