Exhibit 99.03

Woodhead Industries, Inc.
EPS Analysis
For the fiscal years 2005 and 2006

	2005												2006
	Q1		Q2			Q3			Q4		Full Year		Q1		Q2		Q3		Q4		Full Year
Reported EPS	$	0.10	$	0.11		$	0.26		$	0.22	$	0.68	$	0.18	$	0.00	$	0.00	$	0.00	$	0.18
Specific Non-recurring and/or Non-operating Items (Included in Reported EPS)
Foreign Exchange		0.08		(0.03	)		(0.02	)		0.03		0.06		—		—		—		—		—
Tax Rate		—		—			0.04			0.03		0.07		—		—		—		—		—
Legal Settlement		—		—			—			—		—		0.07		—		—		—		0.07
AMCO Product Line Sales		0.03		—			—			—		0.03		—		—		—		—		—
Total		0.11		(0.03	)		0.02			0.06		0.16		0.07		—		—		—		0.07