EX-11 3 est1-x11.htm EXHIBIT 11

EXHIBIT 11

ESTERLINE TECHNOLOGIES CORPORATION
Computation of Basic and Diluted Earnings Per Common Share
For the Three Months Ended January 31, 2003 and January 25, 2002
(Unaudited)
(In thousands, except per share amounts)

   

      Three Months Ended      
   

January 31,

  

January 25,
   

     2003     

  

     2002     
         

Net Sales

  

$  126,329

  

$  96,818 

Gross Margin

  

38,673

  

32,467 
         

Income From Continuing Operations

  

5,843

  

6,638 

Loss From Discontinued Operations, Net of Tax

  

                -

  

     (2,293)
         

Earnings Before Cumulative Effect

        

  of a Change in Accounting Principle

  

5,843

  

4,345 

Cumulative Effect of a Change in Accounting Principle

  

                -

  

     (7,574)
         

Net Earnings (Loss)

  

$      5,843

  

$   (3,229)
         

Basic

        
         

Weighted Average Number of Shares Outstanding

  

      20,796

  

    20,721 
         

Earnings (Loss) Per Share-Basic

        

    Continuing operations

  

$          .28

  

$         .32 

    Discontinued operations

  

                -

  

         (.11)
         

    Earnings (loss) per share before cumulative effect

        

      of a change in accounting principle

  

.28

  

.21 

    Cumulative effect of a change in accounting principle

  

                -

  

         (.37)
         

    Earnings (loss) per share-basic

  

$          .28

  

$       (.16)

<PAGE>  20

ESTERLINE TECHNOLOGIES CORPORATION
Computation of Basic and Diluted Earnings Per Common Share
For the Three Months Ended January 31, 2003 and January 25, 2002
(Unaudited)
(In thousands, except per share amounts)

   

      Three Months Ended      
   

January 31,

  

January 25,
   

     2003     

  

     2002     

Diluted

        
         

Weighted Average Number of Shares Outstanding

  

      20,796

  

    20,721 
         

Net Shares Assumed to be Issued for Stock Options

  

           231

  

         208 
         

Weighted Average Number of Shares

        

    and Equivalent Shares Outstanding-Diluted

  

      21,027

  

    20,929 
         

Earnings (Loss) Per Share-Diluted

        

    Continuing operations

  

$          .28

  

$        .32 

    Discontinued operations

  

                -

  

         (.11)
         

    Earnings (loss) per share before cumulative effect of a

        

      change in accounting principle

  

.28

  

.21 

    Cumulative effect of a change in accounting principle

  

                -

  

         (.36)
         

    Earnings (loss) per share-diluted

  

$          .28

  

$       (.15)

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