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 Six Months Ended
December 31, December 31,
_______________________ _______________________
1996 1995 1996 1995
__________ __________ __________ __________
Net income applicable to common shares $ 52,564 $ 48,396 $ 103,669 $ 105,771
Weighted average common shares outstanding
for the period 74,384,515 74,157,805 74,343,790 74,114,333
Increase in weighted average from dilutive
effect of exercise of stock options 558,260 488,250 569,743 649,986
__________ __________ __________ __________
Weighted average common shares, assuming
issuance of the above securities 74,942,775 74,646,055 74,913,533 74,764,319
========== ========== ========== ==========
Earnings per common share:
Primary $ .70 $ .66 $ 1.39 $ 1.43
Fully diluted (A) $ .70 $ .64 $ 1.38 $ 1.41
(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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