Exhibit 11

CRANE CO. AND SUBSIDIARIES

Exhibit 11 to FORM 10-K

Annual Report for the Year Ended December 31, 2005

Computation of Net Income Per Share

(In Thousands, Except Per Share Data)

	2005		2004			2003		2002			2001
Basic
Net income (loss) before cumulative effect of a change in accounting principle	$	136,037	$	(105,421	)	$	104,303	$	16,628		$	88,620
Cumulative effect of a change in accounting principle		—		—			—		(28,076	)		—
Net income (loss)	$	136,037	$	(105,421	)	$	104,303	$	(11,448	)	$	88,620
Net income (loss) before cumulative effect of a change in accounting principle	$	2.27	$	(1.78	)	$	1.76	$	0.28		$	1.48
Cumulative effect of a change in accounting principle		—		—			—		(0.47	)		—
Net income (loss) per share	$	2.27	$	(1.78	)	$	1.76	$	(0.19	)	$	1.48
Weighted average number of basic shares		59,816		59,251			59,394		59,728			59,825
Diluted
Net income (loss) before cumulative effect of a change in accounting principle	$	136,037	$	(105,421	)	$	104,303	$	16,628		$	88,620
Cumulative effect of a change in accounting principle		—		—			—		(28,076	)		—
Net income (loss)	$	136,037	$	(105,421	)	$	104,303	$	(11,448	)	$	88,620
Net income (loss) before cumulative effect of a change in accounting principle	$	2.25	$	(1.78	)	$	1.75	$	0.28		$	1.47
Cumulative effect of a change in accounting principle		—		—			—		(0.47	)		—
Net income (loss) per share	$	2.25	$	(1.78	)	$	1.75	$	(0.19	)	$	1.47
Weighted average number of basic shares		59,816		59,251			59,394		59,728			59,825
Add:
Adjustment to basic shares for dilutive stock options *		597		—			322		—			530
Weighted average number of diluted shares		60,413		59,251			59,716		59,728			60,355

* 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.