Exhibit 11


                              APPLIED POWER INC.
                       COMPUTATION OF EARNINGS PER SHARE
                   (In thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                 Three Months Ended November 30,
                                                 -------------------------------
                                                   1997                   1996
                                                 --------               --------
<S>                                              <C>                    <C>
PRIMARY:                                         
- - --------                                         
Average shares outstanding                         13,841                 13,698
                                                 
Net effect of dilutive options based             
  on the treasury stock method                   
  using average market price                          810                    488
                                                 --------               --------
                    Total                          14,651                 14,186
                                                 ========               ========
                                                 
Net earnings                                     $ 12,186               $  9,540
                                                 ========               ========
                                                 
Primary earnings per share                       $   0.83               $   0.67
                                                 ========               ========
                                                 
FULLY DILUTED:                                   
- - --------------                                   
Average shares outstanding                         13,841                 13,698
                                                 
Net effect of dilutive options based             
  on the treasury stock method                   
  using the greater of average                   
  or period-end market price                          811                    539
                                                 --------               --------
                    Total                          14,652                 14,237
                                                 ========               ========
                                                 
Net earnings                                     $ 12,186               $  9,540
                                                 ========               ========
                                                 
Fully diluted earnings per share                 $   0.83               $   0.67
                                                 ========               ========
</TABLE>