EXHIBIT 11 APPLIED POWER INC. AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
Three Months Ended Nine Months Endeed May 31, May 31, 1994 1993 1994 1993 ---------------------- ------------------------ PRIMARY: Average shares outstanding . . . . . . . . 13,075 12,980 13,034 12,971 Net effect of dilutive options based on the treasury stock method using average market price . . . . . . . 300 150 199 126 -------- -------- -------- -------- Total . . . . . . . . . . . . . . . 13,375 13,130 13,233 13,097 ======== ======== ======== ======== Net earnings (loss): Earnings from continuing operations before cumulative effect of accounting change . . . . . . . . . . . $ 5,343 $ 3,853 $ 11,568 $ 8,903 Cumulative effect of accounting change . - - - (4,355) Discontinued operations . . . . . . . . . - 30 (348) 833 --------- -------- -------- -------- Net earnings . . . . . . . . . . . $ 5,343 $ 3,883 $ 11,220 $ 5,381 ========= ======== ========= ========= Primary earnings (loss) per share: Earnings from continuing operations before cumulative effect of accounting change . . . . . . . . . . . $ 0.40 $ 0.29 $ 0.87 $ 0.68 Cumulative effect of accounting change . - - - (0.33) Discontinued operations . . . . . . . . - - (0.03) 0.06 --------- --------- ---------- --------- Total . . . . . . . . . . . . . . . $ 0.40 $ 0.30 $ 0.85 $ 0.41 ========= ========= ========== ========= FULLY DILUTED: (A) Average shares outstanding . . . . . . . . 13,075 12,980 13,034 12,971 Net effect of dilutive options based on the treasury stock method using average market price . . . . . . . 300 156 269 129 -------- -------- -------- -------- Total . . . . . . . . . . . . . . . 13,375 13,136 13,303 13,100 ======== ======== ======== ======== Net earnings (loss): Earnings from continuing operations before cumulative effect of accounting change . . . . . . . . . . . $ 5,343 $ 3,853 $ 11,568 $ 8,903 Cumulative effect of accounting change . - - - (4,355) Discontinued operations . . . . . . . . - 30 (348) 833 --------- --------- -------- --------- Net earnings . . . . . . . . . . . $ 5,343 $ 3,883 $ 11,220 $ 5,381 ========= ========= ======== ========= Fully diluted earnings (loss) per share: Earnings from continuing operations before cumulative effect of accounting change . . . . . . . . . . . $ 0.40 $ 0.29 $ 0.87 $ 0.68 Cumulative effect of accounting change . - - - (0.33) Discontinued operations . . . . . . . . - - (0.03) 0.06 -------- --------- -------- -------- Total . . . . . . . . . . . . . . . $ 0.40 $ 0.30 $ 0.84 $ 0.41 ======== ========= ======== ========