EXHIBIT 11
GRAHAM CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
1996 1995 1994
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Calculation of common and common equivalent shares:
Shares outstanding at beginning
of the year 1,580,283 1,577,196 1,569,153
Weighted average number of shares issued during the year:
Issuance of shares 681 6,435
Exercise of stock options 4,194 638
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Weighted average shares outstanding 1,584,477 1,578,515 1,575,588
Common equivalent shares if stock
options were exercised 23,742 944
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Average number of common and common
equivalent shares outstanding 1,608,219 1,579,459 1,575,588
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Calculation of earnings per share:
Net income (loss) $3,061,000 $1,134,000 $(8,415,000)
Average number of common and common
equivalent shares outstanding 1,608,219 1,579,459 1,575,588
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Earnings (loss) per common and common
equivalent share $1.90 $.72 $(5.34)
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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.
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