EXHIBIT 11

Crane Co.

Exhibit 11 to FORM 10-K

Annual Report for the Year Ended December 31, 2008

Computation of Net Income Per Share

(In Thousands, Except Per Share Data)

	2008		2007			2006		2005		2004
Basic
Net income (loss)	$	135,158	$	(62,342	)	$	165,887	$	136,037	$	(105,421	)
Net income (loss) per share	$	2.27	$	(1.04	)	$	2.72	$	2.27	$	(1.78	)
Weighted average number of basic shares		59,667		60,037			60,906		59,816		59,251
Diluted
Net income (loss)	$	135,158	$	(62,342	)	$	165,887	$	136,037	$	(105,421	)
Net income (loss) per share	$	2.24	$	(1.04	)	$	2.67	$	2.25	$	(1.78	)
Weighted average number of basic shares		59,667		60,037			60,906		59,816		59,251
Add:
Adjustment to basic for dilutive stock options		631		—			1,197		597		—
Weighted average number of diluted shares		60,298		60,037			62,103		60,413		59,251