Exhibit 11
CRANE CO. AND SUBSIDIARIES
Exhibit 11 to FORM 10-K
Annual Report for the Year Ended December 31, 2004
Computation of Net Income Per Share
(In Thousands, Except Per Share Data)
2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||
Basic | |||||||||||||||||
Net (loss) income before cumulative effect of a change in accounting principle | $ | (105,421 | ) | $ | 104,303 | $ | 16,628 | $ | 88,620 | $ | 123,729 | ||||||
Cumulative effect of a change in accounting principle | — | — | (28,076 | ) | — | — | |||||||||||
Net (loss) income | $ | (105,421 | ) | $ | 104,303 | $ | (11,448 | ) | $ | 88,620 | $ | 123,729 | |||||
(Loss) income from before cumulative effect of a change in accounting principle | $ | (1.78 | ) | $ | 1.76 | $ | 0.28 | $ | 1.48 | $ | 2.03 | ||||||
Cumulative effect of a change in accounting principle | — | — | (0.47 | ) | — | — | |||||||||||
Net (loss) income per share | $ | (1.78 | ) | $ | 1.76 | $ | (0.19 | ) | $ | 1.48 | $ | 2.03 | |||||
Weighted average number of basic shares | 59,251 | 59,394 | 59,728 | 59,825 | 60,919 | ||||||||||||
Diluted | |||||||||||||||||
Net (loss) income before cumulative effect of a change in accounting principle | $ | (105,421 | ) | $ | 104,303 | $ | 16,628 | $ | 88,620 | $ | 123,729 | ||||||
Cumulative effect of a change in accounting principle | — | — | (28,076 | ) | — | — | |||||||||||
Net (loss) income | $ | (105,421 | ) | $ | 104,303 | $ | (11,448 | ) | $ | 88,620 | $ | 123,729 | |||||
(Loss) income from before cumulative effect of a change in accounting principle | $ | (1.78 | ) | $ | 1.75 | $ | 0.28 | $ | 1.47 | $ | 2.02 | ||||||
Cumulative effect of a change in accounting principle | — | — | (0.47 | ) | — | — | |||||||||||
Net (loss) income per share | $ | (1.78 | ) | $ | 1.75 | $ | (0.19 | ) | $ | 1.47 | $ | 2.02 | |||||
Weighted average number of basic shares | 59,251 | 59,394 | 59,728 | 59,825 | 60,919 | ||||||||||||
Add: | |||||||||||||||||
Adjustment to basic shares for dilutive stock options * | — | 322 | — | 530 | 480 | ||||||||||||
Weighted average number of diluted shares | 59,251 | 59,716 | 59,728 | 60,355 | 61,399 | ||||||||||||
* | For the years ended 2004 and 2002, 735,000 shares and 318,000 shares, respectively, attributable to the exercise of outstanding options were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive. |