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.