GRAHAM CORPORATION AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
1995 1994 1993 Calculation of common and common equivalent shares: Shares outstanding at beginning of the year 1,051,499 1,046,137 1,046,137 Weighted average number of shares issued during the year: Issuance of shares 454 4,290 Exercise of stock options 425 ----------- ----------- ---------- Weighted average shares outstanding 1,052,378 1,050,427 1,046,137 Common equivalent shares if stock options were exercised 629 648 ----------- ----------- ---------- Average number of common and common equivalent shares outstanding 1,053,007 1,050,427 1,046,785 =========== =========== ========== Calculation of earnings per share: Net income (loss) $ 1,134,000 $(8,415,000) $ 408,000 Average number of common and common equivalent shares outstanding 1,053,007 1,050,427 1,046,785 ----------- ----------- ---------- Earnings (loss) per common and common equivalent share $ 1.08 $(8.01) $ .39 =========== =========== ========== Fully diluted earnings per share is equivalent to primary earnings per share as the year-end market price of common stock does not result in greater dilution.