EXHIBIT 11
APPLIED POWER INC.
COMPUTATION OF EARNINGS PER SHARE
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended Six Months Ended
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FEBRUARY 28, February 29, FEBRUARY 28, February 29,
1997 1996 1997 1996
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PRIMARY:
Average shares outstanding 13,768 13,420 13,731 13,415
Net effect of dilutive options based on the treasury
stock method using average market price 578 502 532 544
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Total 14,346 13,922 14,263 13,959
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Net earnings $ 9,469 $ 7,650 $ 19,009 $ 15,360
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Primary earnings per share $ 0.66 $ 0.55 $ 1.33 $ 1.10
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FULLY DILUTED:
Average shares outstanding 13,768 13,420 13,731 13,415
Net effect of dilutive options based on the treasury
stock method using the greater of average
or period-end market price 578 527 579 544
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Total 14,346 13,947 14,310 13,959
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Net earnings $ 9,469 $ 7,650 $ 19,009 $ 15,360
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Fully diluted earnings per share $ 0.66 $ 0.55 $ 1.33 $ 1.10
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