EX-11 2 exh11.txt EXHIBIT 11 KAMAN CORPORATION AND SUBSIDIARIES EXHIBIT 11 - EARNINGS PER SHARE COMPUTATION (IN THOUSANDS EXCEPT PER SHARE AMOUNT) For the Three Months Ended March 31, --------------------- 2004 2003 -------- -------- Basic: Net earnings $ 1,292 $ 13,966 ======== ======== Weighted average number of shares outstanding 22,648 22,495 ======== ======== Net earnings per share - basic $ .06 $ .62 ======== ======== Diluted: Net earnings $ 1,292 $ 13,966 Elimination of interest expense on 6% subordinated convertible debentures (net after taxes) 182 213 -------- -------- Net earnings (as adjusted) $ 1,474 $ 14,179 ======== ======== Weighted average number of shares outstanding 22,648 22,495 Weighted average shares issuable on conversion of 6% subordinated convertible debentures 910 981 Weighted average shares issuable on exercise of diluted stock options 102 4 -------- -------- Total 23,660 23,480 ======== ======== Net earnings per share - diluted* $ .06 $ .60 ======== ======== * Excluded from the net earnings per share - diluted calculation are options granted to employees that are anti-dilutive based on the average stock price for the year.