EX-11 3 esl-ex11_10.htm EX-11 esl-ex11_10.htm

EXHIBIT 11

 

 

ESTERLINE TECHNOLOGIES CORPORATION

Computation of Basic and Diluted Earnings Per Common Share

For the Three and Six Month Periods Ended April 1, 2016 and March 27, 2015

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

April 1,

 

 

March 27,

 

 

April 1,

 

 

March 27,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

(Recast)

 

 

 

 

 

 

(Recast)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

490,310

 

 

$

468,210

 

 

$

931,787

 

 

$

972,821

 

Gross Margin

 

 

156,173

 

 

 

150,017

 

 

 

293,892

 

 

 

328,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings from Continuing Operations Attributable

   to Esterline, Net of Tax

 

 

16,996

 

 

 

24,931

 

 

 

26,860

 

 

 

59,406

 

Loss from Discontinued Operations Attributable to

   Esterline, Net of Tax

 

 

(2,023

)

 

 

(14,600

)

 

 

(6,803

)

 

 

(20,476

)

Net Earnings Attributable to Esterline

 

$

14,973

 

 

$

10,331

 

 

$

20,057

 

 

$

38,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding

 

 

29,588

 

 

 

31,162

 

 

 

29,585

 

 

 

31,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) Per Share Attributable to Esterline - Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

0.58

 

 

$

0.80

 

 

$

0.91

 

 

$

1.89

 

Discontinued Operations

 

 

(0.07

)

 

 

(0.47

)

 

 

(0.23

)

 

 

(0.65

)

Earnings (Loss) Per Share Attributable to Esterline

   - Basic

 

$

0.51

 

 

$

0.33

 

 

$

0.68

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding

 

 

29,588

 

 

 

31,162

 

 

 

29,585

 

 

 

31,401

 

Net Shares Assumed to be Issued for Stock Options

   and RSUs

 

 

237

 

 

 

525

 

 

 

297

 

 

 

536

 

Weighted Average Number of Shares and

   Equivalent Shares Outstanding - Diluted

 

 

29,825

 

 

 

31,687

 

 

 

29,882

 

 

 

31,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (Loss) Per Share Attributable to Esterline - Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

0.57

 

 

$

0.79

 

 

$

0.90

 

 

$

1.86

 

Discontinued Operations

 

 

(0.07

)

 

 

(0.46

)

 

 

(0.23

)

 

 

(0.64

)

Earnings (Loss) Per Share Attributable to Esterline

   - Diluted

 

$

0.50

 

 

$

0.33

 

 

$

0.67

 

 

$

1.22