EXHIBIT 11.1

BAIRNCO CORPORATION AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED EARNINGS PER SHARE

FOR THE QUARTERS ENDED OCTOBER 2, 2004 AND OCTOBER 4, 2003

(Unaudited)

	2004	2003
BASIC EARNINGS PER COMMON SHARE:
Income from continuing operations	$      860,000	$    590,000
Income from spun off subsidiary, net of tax	24,695,000	--
Net income	$ 25,555,000	$    590,000
Average common shares outstanding	7,368,000	7,341,000
Basic earnings per share from continuing operations	$            0.12	$          0.08
Basic earnings per share from spun off subsidiary	3.35	--
Basic earnings per share	$            3.47	$          0.08
DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations	$      860,000	$    590,000
Income from spun off subsidiary, net of tax	24,695,000	--
Net income	$ 25,555,000	$    590,000
Average common shares outstanding	7,368,000	7,341,000
Dilutive effect of restricted stock	61,000	27,000
Common shares issuable in respect to options issued to     employees with a dilutive effect	158,000	43,000
Total diluted common shares outstanding	7,587,000	7,411,000
Diluted earnings per share from continuing operations	$            0.11	$          0.08
Diluted earnings per share from spun off subsidiary	3.25	--
Diluted earnings per share	$            3.37	$          0.08

EXHIBIT 11.2

BAIRNCO CORPORATION AND SUBSIDIARIES

CALCULATION OF BASIC AND DILUTED EARNINGS PER SHARE

FOR THE NINE MONTHS ENDED OCTOBER 2, 2004 AND OCTOBER 4, 2003

(Unaudited)

	2004	2003
BASIC EARNINGS PER COMMON SHARE:
Income from continuing operations	$   3,245,000	$  2,060,000
Income from spun off subsidiary, net of tax	24,695,000	--
Net income	$ 27,940,000	$  2,060,000
Average common shares outstanding	7,355,000	7,337,000
Basic earnings per share from continuing operations	$            0.44	$           0.28
Basic earnings per share from spun off subsidiary	3.36
Basic Earnings Per Common Share	$            3.80	$           0.28
DILUTED EARNINGS PER COMMON SHARE:
Income from continuing operations	$   3,245,000	$  2,060,000
Income from spun off subsidiary, net of tax	24,695,000	--
Net income	$ 27,940,000	$  2,060,000
Average common shares outstanding	7,355,000	7,337,000
Dilutive effect of restricted stock	57,000	24,000
Common shares issuable in respect to options issued to     employees with a dilutive effect	115,000	15,000
Total diluted common shares outstanding	7,527,000	7,376,000
Diluted earnings per share from continuing operations	$            0.43	$           0.28
Diluted earnings per share from spun off subsidiary	3.28	--
Diluted Earnings Per Common Share	$            3.71	$           0.28

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