EXHIBIT 11

Crane Co.

Exhibit 11 to FORM 10-K

Annual Report for the Year Ended December 31, 2006

Computation of Net Income Per Share

(In Thousands, Except Per Share Data)

	2006		2005		2004			2003		2002
Basic:
Net income (loss) before cumulative effect of a change in accounting principle	$	165,887	$	136,037	$	(105,421	)	$	104,303	$	16,628
Cumulative effect of a change in accounting principle		—		—		—			—		(28,076	)
Net income (loss)		165,887		136,037		(105,421	)		104,303		(11,448	)
Net income (loss) before cumulative effect of a change in accounting principle	$	2.72	$	2.27	$	(1.78	)	$	1.76	$	0.28
Cumulative effect of a change in accounting principle		—		—		—			—		(0.47	)
Net income (loss) per share	$	2.72	$	2.27	$	(1.78	)	$	1.76	$	(0.19	)
Weighted average number of basic shares		60,906		59,816		59,251			59,394		59,728
Diluted:
Net income (loss) before cumulative effect of a change in accounting principle	$	165,887	$	136,037	$	(105,421	)	$	104,303	$	16,628
Cumulative effect of a change in accounting principle		—		—		—			—		(28,076	)
Net income (loss)	$	165,887	$	136,037	$	(105,421	)	$	104,303	$	(11,448	)
Net income (loss) before cumulative effect of a change in accounting principle	$	2.67	$	2.25	$	(1.78	)	$	1.75	$	0.28
Cumulative effect of a change in accounting principle		—		—		—			—		(0.47	)
Net income (loss) per share	$	2.67	$	2.25	$	(1.78	)	$	1.75	$	(0.19	)
Weighted average number of basic shares		60,906		59,816		59,251			59,394		59,728
Add:
Adjustment to basic for dilutive stock options*		1,197		597		—			322		—
Weighted average number of diluted shares		62,103		60,413		59,251			59,716		59,728

* For the years ended 2004 and 2002, 735,000 and 318,000 shares, respectively, attributable to the exercise of outstanding options were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive.