EXHIBIT 11
APPLIED POWER INC.
COMPUTATION OF EARNINGS PER SHARE
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Years ended August 31,
----------------------------------------------
PRIMARY 1994 1993 1992
- - ------- ---- ----- ----
Average shares outstanding 13,057 12,977 12,938
Net effect of dilutive options based
on the treasury stock method
using average market price 232 122 143
-------- -------- ---------
Total 13,289 13,099 13,081
Net Earnings (Loss)
Earnings from continuing operations
before cumulative effect of
accounting change $ 16,896 $ 7,086 $ 8,453
Cumulative effect of accounting change (4,355)
Discontinued operations (348) (3,782) (32,858)
-------- -------- ---------
Net Earnings $ 16,548 $ (1,051) $ (24,405)
Primary Earnings (Loss) per share:
Earnings from continuing operations
before cumulative effect of
accounting change $ 1.27 $ 0.54 $ 0.65
Cumulative effect of of accounting change (0.33)
Discontinued operations (0.03) (0.29) (2.51)
-------- -------- ---------
Net Earnings $ 1.25 $ (0.08) $ (1.87)
======== ======== =========
FULLY DILUTED
- - -------------
Average shares outstanding 13,057 12,977 12,938
Net effect of dilutive options based
on the treasury stock method
using the greater of average
or year-end market price 420 127 147
-------- -------- ---------
Total 13,477 13,104 13,085
Net Earnings (Loss):
Earnings from continuing operations
before cumulative effect of
accounting change $ 16,896 $ 7,086 $ 8,453
Cumulative effect of accounting change (4,355)
Discontinued operations (348) (3,782) (32,858)
-------- -------- ---------
Net Earnings $ 16,548 $ (1,051) $(24,405)
Primary Earnings (Loss) per share:
Earnings from continuing operations
before cumulative effect of
accounting change $ 1.25 $ 0.54 $ 0.65
Cumulative effect of accounting change (0.33)
Discontinued operations (0.03) (0.29) (2.51)
-------- -------- ---------
Net Earnings $ 1.23 $ (0.08) $ (1.87)
======== ======== =========
(B) (A) (A)
(A) Antidilutive
(B) Dilution of less than 3%, therefore not presented in Consolidated Statement
of Earnings.