
 
<TABLE>

                 EXHIBIT 11

                                                       APPLIED POWER INC. AND SUBSIDIARIES
                                                        COMPUTATION OF EARNINGS PER SHARE
                                                     (IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<CAPTION>
                                                                       Three Months Ended                 Six Months Ended  
                                                                         February 28,                      February 28,      
                                                                        1994         1993              1994          1993  
<S>                     <C>                                       <C>           <C>              <C>            <C>
                 PRIMARY:
                 Average shares outstanding  . . . . . . . .         13,016        12,971            13,013        12,967

                 Net effect of dilutive options based
                    on the treasury stock method
                    using average market price . . . . . . .            153           121               141           113
                        Total  . . . . . . . . . . . . . . .         13,169        13,092            13,154        13,080
                                                                     ========     ========          ========      ========
                 Net earnings (loss):
                    Earnings from continuing operations
                     before cumulative effect of
                     accounting change . . . . . . . . . . .      $   3,297    $    1,763        $    6,225     $   5,050
                   Cumulative effect of accounting change  .              -             -                 -        (4,355)       
                   Discontinued operations . . . . . . . . .              -           783              (348)          803          
                        Net earnings   . . . . . . . . . . .      $   3,297     $   2,546        $    5,877     $   1,498
                                                                   ==========   ==========       ==========     ==========
                 Primary earnings (loss) per share:
                    Earnings from continuing operations
                     before cumulative effect of
                     accounting change . . . . . . . . . . .       $   0.25      $   0.13          $   0.47      $   0.39
                    Cumulative effect of accounting change .              -             -                 -         (0.33)          
                    Discontinued operations  . . . . . . . .              -          0.06              (.02)          .06         
                        Total  . . . . . . . . . . . . . . .       $   0.25      $   0.19          $   0.45      $   0.11
                                                                    =========    =========         =========     =========
                 FULLY DILUTED: (A)
                 Average shares outstanding  . . . . . . . .         13,016        12,971            13,013        12,967

                 Net effect of dilutive options based
                    on the treasury stock method 
                    using average market price . . . . . . .            235           124               238           115
                        Total  . . . . . . . . . . . . . . .         13,251        13,095            13,251        13,082
                                                                     ========     ========          ========     =========
                 Net earnings (loss):
                    Earnings from continuing operations
                     before cumulative effect of
                     accounting change . . . . . . . . . . .      $   3,297    $    1,763        $    6,225     $   5,050
                    Cumulative effect of accounting change .              -             -                 -        (4,355)          
                    Discontinued operations  . . . . . . . .              -           783              (348)          803           
                        Net earnings   . . . . . . . . . . .      $   3,297     $   2,546        $    5,877     $   1,498
                                                                   ==========   ==========       ===========    ==========
                 Fully diluted earnings (loss) per share:
                    Earnings from continuing operations
                     before cumulative effect of
                     accounting change . . . . . . . . . . .       $   0.25      $   0.13          $   0.47      $   0.39 
                    Cumulative effect of accounting change .              -             -                 -         (0.33)          
                    Discontinued operations  . . . . . . . .              -          0.06             (0.03)         0.06           
                        Total  . . . . . . . . . . . . . . .       $   0.25      $   0.19          $   0.44      $   0.11
                                                                    =========    =========         =========     =========
<CAPTION>
                 (A)  Dilution of less than 3%; therefore not presented in Condensed Consolidated Statement of Earnings. 
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