Exhibit 11

CRANE CO. AND SUBSIDIARIES

Exhibit 11 to FORM 10-K

Annual Report for the Year Ended December 31, 2004

Computation of Net Income Per Share

(In Thousands, Except Per Share Data)

	2004			2003		2002			2001		2000
Basic
Net (loss) income before cumulative effect of a change in accounting principle	$	(105,421	)	$	104,303	$	16,628		$	88,620	$	123,729
Cumulative effect of a change in accounting principle		—			—		(28,076	)		—		—
Net (loss) income	$	(105,421	)	$	104,303	$	(11,448	)	$	88,620	$	123,729
(Loss) income from before cumulative effect of a change in accounting principle	$	(1.78	)	$	1.76	$	0.28		$	1.48	$	2.03
Cumulative effect of a change in accounting principle		—			—		(0.47	)		—		—
Net (loss) income per share	$	(1.78	)	$	1.76	$	(0.19	)	$	1.48	$	2.03
Weighted average number of basic shares		59,251			59,394		59,728			59,825		60,919
Diluted
Net (loss) income before cumulative effect of a change in accounting principle	$	(105,421	)	$	104,303	$	16,628		$	88,620	$	123,729
Cumulative effect of a change in accounting principle		—			—		(28,076	)		—		—
Net (loss) income	$	(105,421	)	$	104,303	$	(11,448	)	$	88,620	$	123,729
(Loss) income from before cumulative effect of a change in accounting principle	$	(1.78	)	$	1.75	$	0.28		$	1.47	$	2.02
Cumulative effect of a change in accounting principle		—			—		(0.47	)		—		—
Net (loss) income per share	$	(1.78	)	$	1.75	$	(0.19	)	$	1.47	$	2.02
Weighted average number of basic shares		59,251			59,394		59,728			59,825		60,919
Add:
Adjustment to basic shares for dilutive stock options *		—			322		—			530		480
Weighted average number of diluted shares		59,251			59,716		59,728			60,355		61,399

* For the years ended 2004 and 2002, 735,000 shares and 318,000 shares, respectively, attributable to the exercise of outstanding options were excluded from the calculation of diluted earnings per share because the effect was anti-dilutive.