Kaman Corporation and Subsidiaries

Exhibit 11-Earnings/(Loss) Per Share Computation

(In Thousands Except Per Share Amount)

	For the Three Months					For the Nine Months
	Ended September 30,					Ended September 30,
		2004			2003		2004			2003
Basic:
Net earnings/(loss)	$	(11,889	)	$	1,188	$	(12,433	)	$	18,438
Weighted average number of
shares outstanding		22,717			22,584		22,684			22,543
Net earnings/(loss) per share-basic	$	(.52	)	$	.05	$	(.55	)	$	.82
Diluted:
Net earnings/(loss)	$	(11,889	)	$	1,188	$	(12,433	)	$	18,438
Elimination of interest expense
on 6% subordinated convertible
debentures (net after taxes)		-			197		-			608
Net earnings/(loss) (as adjusted)	$	(11,889	)	$	1,385	$	(12,433	)	$	19,046
Weighted average number of
shares outstanding		22,717			22,584		22,684			22,543
Weighted averages shares issuable
on conversion of 6% subordinated
debentures		-			923		-			942
Weighted average shares issuable
on exercise of diluted stock options		-			78		-			31
Total		22,717			23,585		22,684			23,516
Net earnings/(loss) per share - diluted	$	(.52	)	$	.05	$	(.55	)	$	.81

*The calculated diluted per share amounts for the three months ended September 30, 2004 and 2003 and the nine months ended September 30, 2004 are anti-dilutive, therefore, amounts shown are equal of the basic per share calculation. Additional potentially diluted average shares outstanding of 917 for the three months ended September 30, 2004 and 955 for the nine months ended September 30, 2004 have been excluded from the average diluted shares outstanding due to the loss from operations in that year.