EX-11 15 ex11.txt KAMAN CORPORATION AND SUBSIDIARIES EXHIBIT 11 - EARNINGS PER SHARE COMPUTATION (In thousands except per share amounts) For the Three Months For the Nine Months Ended September 30, Ended September 30, -------------------- ------------------ 2001 2000 2001 2000 ---- ---- ---- ---- Basic: Net earnings $ 8,526 $ 9,535 $ 4,772 $ 27,362 ======== ======== ======== ======== Weighted average number of shares outstanding 22,429 23,217 22,372 23,169 ======== ======== ======== ======== Net earnings per share $ .38 $ .41 $ .21 $ 1.18 - basic ======== ======== ======== ======== Diluted: Net earnings $ 8,526 $ 9,535 $ 4,772 $ 27,362 Elimination of interest expense on 6% subordinated convertible debentures(net after taxes) 278 255 814 777 -------- -------- -------- -------- Net earnings (as adjusted) $ 8,804 $ 9,790 $ 5,586 $ 28,139 ======== ======== ======== ======== Weighted average number of shares outstanding 22,429 23,217 22,372 23,169 Weighted average shares issuable on conversion of 6% subordinated convertible debentures 1,065 1,136 1,084 1,156 Weighted average shares issuable on exercise of diluted stock options 176 108 230 57 -------- -------- -------- ------- Total 23,670 24,461 23,686 24,382 ======== ======== ======== ======= Net earnings per share - diluted* $ .37 $ .40 $ .21 $ 1.15 ======== ======== ======== ======== *The calculated diluted per share amount for the nine months ended September 30, 2001 is anti-dilutive, therefore, amount shown is equal to the basic per share calculation.