EXHIBIT 11
PARKER-HANNIFIN CORPORATION
FORM 10-Q
COMPUTATION OF EARNINGS PER COMMON SHARE
(Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
1996 1995
___________ ___________
Net income applicable to common shares $ 51,105 $ 57,375
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Weighted average common shares outstanding
for the period 74,303,064 74,070,861
Increase in weighted average from dilutive
effect of exercise of stock options 581,226 811,722
___________ ___________
Weighted average common shares, assuming
issuance of the above securities 74,884,290 74,882,583
=========== ===========
Earnings per common share:
Primary $ .69 $ .77
Fully diluted (A) $ .68 $ .77
(A) This calculation is submitted in accordance with Regulation S-K
Item 601(b)(11) although not required for income statement presentation
because it results in dilution of less than 3 percent.
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