<PAGE>
OUTBOARD MARINE CORPORATION
EXHIBIT 11: COMPUTATION OF PER SHARE EARNINGS
<TABLE>
<CAPTION>
Three Months Six Months
Ended June 30, Ended June 30,
----------------- -----------------
(Dollars and Shares in Millions Except per Share Data) 2000 1999 2000 1999
------ ----- ------ -----
<S> <C> <C> <C> <C>
Basic Earnings per Share:
Net earnings (loss) of common shareholders ............ $(28.0) $33.8 $(59.5) $21.9
Weighted Average Number of Shares ..................... 20.4 20.4 20.4 20.4
------ ----- ------ -----
Basic Earnings (Loss) Per Share ....................... $(1.37) $1.66 $(2.92) $1.07
====== ===== ====== =====
Diluted Earnings Per Shares:
Net Income (Loss) ..................................... $(28.0) $33.8 $(59.5) $21.9
Weighted Average Number of Shares ..................... 20.4 20.6 20.4 20.6
Common Stock Equivalents (Stock Options) .............. -- -- -- --
------ ----- ------ -----
Average Shares Outstanding ............................ 20.4 20.6 20.4 20.6
------ ----- ------ -----
Diluted Earnings (Loss) Per Share .................. $(1.37) $1.64 $(2.92) $1.06
====== ===== ====== =====
</TABLE>