W.W. Grainger, Inc. and Subsidiaries

                     COMPUTATIONS OF EARNINGS PER SHARE EXHIBIT 11

	2004		2003			2002
BASIC:
Weighted average number of shares outstanding during the year		90,206,773			90,731,013			91,982,430
Earnings before cumulative effect of accounting change	$	286,923,000		$	226,971,000		$	235,488,000
Cumulative effect of accounting change		--			--			(23,921,000	)
Net earnings	$	286,923,000		$	226,971,000		$	211,567,000
Earnings per share before cumulative
effect of accounting change	$	3.18		$	2.50		$	2.56
Cumulative effect of accounting change per share		--			--			(0.26	)
Earnings per share	$	3.18		$	2.50		$	2.30
DILUTED:
Weighted average number of shares outstanding during the year		90,206,773			90,731,013			91,982,430
Potential shares:
Shares issuable under common stock equivalents		8,445,302			7,571,428			8,012,752
Shares which could have been purchased using the
proceeds from the common stock equivalents exercised,
based on the average market value for the year		(7,015,367	)		(5,920,171	)		(5,721,423	)
		1,429,935			1,651,257			2,291,329
Dilutive effect of exercised options prior to being exercised		36,667			11,815			29,738
		1,466,602			1,663,072			2,321,067
Adjusted weighted average number of shares
outstanding during the year		91,673,375			92,394,085			94,303,497
Earnings before cumulative effect of accounting change	$	286,923,000		$	226,971,000		$	235,488,000
Cumulative effect of accounting change		--			--			(23,921,000	)
Net earnings	$	286,923,000		$	226,971,000		$	211,567,000
Earnings per share before cumulative
effect of accounting change	$	3.13		$	2.46		$	2.50
Cumulative effect of accounting change per share		--			--			(0.26	)
Earnings per share	$	3.13		$	2.46		$	2.24