Exhibit 11 APPLIED POWER INC. COMPUTATION OF EARNINGS PER SHARE (In thousands, except per share amounts)
Three Months Ended Nine Months Ended May 31, May 31, -------------------- -------------------- 1995 1994 1995 1994 ------- ------- ------- ------- PRIMARY: Average shares outstanding 13,307 13,075 13,251 13,034 Net effect of dilutive options based on the treasury stock method using average market price 457 300 434 199 ------- ------- ------- ------- Total 13,764 13,375 13,685 13,233 Net earnings (loss): Continuing operations $ 7,305 $ 5,343 $17,384 $11,568 Discontinued operations - - - (348) Extraordinary loss on debt extinguishment - - (4,920) - ------- ------- ------- ------- Net Earnings $ 7,305 $ 5,343 $12,464 $11,220 Primary earnings (loss) per share: Continuing operations $ 0.53 $ 0.40 $ 1.27 $ 0.87 Discontinued operations - - - (0.03) Extraordinary loss on debt extinguishment - - (0.36) - ------- ------- ------- ------- Net Earnings $ 0.53 $ 0.40 $ 0.91 $ 0.85 ======= ======= ======= ======= FULLY DILUTED: (A) Average shares outstanding 13,307 13,075 13,251 13,034 Net effect of dilutive options based on the treasury stock method using the greater of average or period-end market price 461 300 485 269 ------- ------- ------- ------- Total 13,768 13,375 13,736 13,303 Net earnings (loss): Continuing operations $ 7,305 $ 5,343 $17,384 $11,568 Discontinued operations - - - (348) Extraordinary loss on debt extinguishment - - (4,920) - ------- ------- ------- ------- Net Earnings $ 7,305 $ 5,343 $12,464 $11,220 Fully diluted earnings (loss) per share: Continuing operations $ 0.53 $ 0.40 $ 1.27 $ 0.87 Discontinued operations - - - (0.03) Extraordinary loss on debt extinguishment - - (0.36) - ------- ------- ------- ------- Net Earnings $ 0.53 $ 0.40 $ 0.91 $ 0.84 ======= ======= ======= =======
(A) Dilution of less than 3%; therefore not presented in Condensed Consolidated Statement of Earnings. 14