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 Nine Months Ended
March 31, March 31,
_________________________ _________________________
1997 1996 1997 1996
___________ ___________ ___________ ___________
Net income applicable to common shares $ 77,964 $ 69,128 $ 181,633 $ 174,899
=========== =========== =========== ===========
Weighted average common shares outstanding
for the period 74,464,789 74,188,578 74,384,123 74,139,081
Increase in weighted average from dilutive
effect of exercise of stock options 586,407 512,212 580,058 604,061
___________ ___________ ___________ ___________
Weighted average common shares, assuming
issuance of the above securities 75,051,196 74,700,790 74,964,181 74,743,142
=========== =========== =========== ===========
Earnings per common share:
Primary $ 1.05 $ .93 $ 2.44 $ 2.36
Fully diluted (A) $ 1.04 $ .93 $ 2.42 $ 2.34
(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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