Exhibit 11
Lukens Inc.
Computation of Primary Earnings Per Common Share
(Dollars and shares in thousands except per share amounts)
<TABLE>
<CAPTION> THIRD QUARTER YEAR-TO-DATE
13 Weeks Ended 39 Weeks Ended
September September September September
24, 1994 25, 1993 24, 1994 25, 1993
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net earnings (loss) applicable to
common stock
Earnings before cumulative effect
of 1993 accounting changes $ 7,368 7,949 11,464 23,656
ESOP dividend requirements
Preferred stock dividends declared (623) (650) (1,909) (1,953)
Tax benefit on dividends 125 187 406 550
-------- -------- -------- --------
Earnings before cumulative effect
of 1993 accounting changes
applicable to common stock 6,870 7,486 9,961 22,253
Cumulative effect of 1993 accounting
changes - - - (65,901)
-------- -------- -------- --------
Net earnings (loss) applicable
to common stock $ 6,870 7,486 9,961 (43,648)
======== ======== ======== ========
Weighted average number of common
shares and equivalents outstanding
Weighted average number of common
shares outstanding 14,599 14,519 14,565 14,502
Common stock equivalents:
Stock options, assuming exercised
at average market price 175 280 174 296
-------- -------- -------- --------
Weighted average number of common
shares and equivalents outstanding 14,774 14,799 14,739 14,798
======== ======== ======== ========
Primary earnings per common share
Earnings before cumulative effect
of 1993 accounting changes $ 0.47 0.51 0.68 1.50
Cumulative effect of 1993
accounting changes - - - (4.45)
-------- -------- -------- --------
Net earnings (loss) $ 0.47 0.51 0.68 (2.95)
======== ======== ======== ========
</TABLE>
Exhibit 11
Lukens Inc.
Computation of Fully Diluted Earnings Per Common Share
(Dollars and shares in thousands except per share amounts)
<TABLE>
<CAPTION> THIRD QUARTER YEAR-TO-DATE
13 Weeks Ended 39 Weeks Ended
September September September September
24, 1994 25, 1993 24, 1994 25, 1993
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net earnings (loss) applicable to
common stock
Earnings before cumulative effect
of 1993 accounting changes $ 7,368 7,949 11,464 23,656
Incremental cash contribution to
the ESOP assuming conversion of
preferred stock to common (234) (244) (716) (732)
Tax benefit on the incremental
cash contribution 80 101 249 288
-------- -------- -------- --------
Earnings before cumulative effect
of 1993 accounting changes
applicable to common stock 7,214 7,806 10,997 23,212
Cumulative effect of 1993
accounting changes - - - (65,901)
-------- -------- -------- --------
Net earnings (loss) applicable
to common stock $ 7,214 7,806 10,997 (42,689)
======== ======== ======== ========
Weighted average number of common
shares and equivalents outstanding
Weighted average number of common
shares outstanding 14,599 14,519 14,565 14,502
Common stock equivalents:
Stock options, assuming exercised
at greater of ending or average
market price 178 280 175 297
Series B ESOP preferred stock 1,579 1,626 1,602 1,628
-------- -------- -------- --------
Weighted average number of common
shares and equivalents outstanding 16,356 16,425 16,342 16,427
======== ======== ======== ========
Fully diluted earnings per common share
Earnings before cumulative effect
of 1993 accounting changes $ 0.44 0.48 0.67 1.41
======== ======== ======== ========
Net earnings (loss) $ 0.44 0.48 0.67 (2.95)*
======== ======== ======== ========
* Calculation results in an improvement over primary earnings per share.
As a result, fully diluted earnings per share equals primary earnings
per share.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM LUKENS INC.
FINANCIAL STATEMENTS FOR THE THIRTY-NINE WEEKS ENDED SEPTEMBER 24, 1994 AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> DEC-26-1993
<PERIOD-END> SEP-24-1994
<CASH> 10,647
<SECURITIES> 0
<RECEIVABLES> 132,045
<ALLOWANCES> 10,800
<INVENTORY> 128,057
<CURRENT-ASSETS> 289,937
<PP&E> 809,930
<DEPRECIATION> 360,602
<TOTAL-ASSETS> 812,844
<CURRENT-LIABILITIES> 158,840
<BONDS> 209,688
<COMMON> 158
0
31,156
<OTHER-SE> 238,599
<TOTAL-LIABILITY-AND-EQUITY> 812,844
<SALES> 694,589
<TOTAL-REVENUES> 694,589
<CGS> 624,304
<TOTAL-COSTS> 624,304
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 7,852
<INTEREST-EXPENSE> 11,858
<INCOME-PRETAX> 18,793
<INCOME-TAX> 7,329
<INCOME-CONTINUING> 11,464
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 11,464
<EPS-PRIMARY> .68
<EPS-DILUTED> .67
</TABLE>
