EX-11 2 esl-ex11_11.htm EX-11 esl-ex11_11.htm

EXHIBIT 11

 

 

ESTERLINE TECHNOLOGIES CORPORATION

Computation of Basic and Diluted Earnings Per Common Share

For the Three and Nine Month Periods Ended July 1, 2016 and June 26, 2015

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

July 1,

 

 

June 26,

 

 

July 1,

 

 

June 26,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

 

 

 

 

 

(Recast)

 

 

 

 

 

 

(Recast)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

517,092

 

 

$

484,723

 

 

$

1,448,879

 

 

$

1,457,544

 

Gross Margin

 

 

173,584

 

 

 

165,290

 

 

 

467,476

 

 

 

493,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings from Continuing Operations Attributable

   to Esterline, Net of Tax

 

 

38,046

 

 

 

28,222

 

 

 

64,906

 

 

 

87,628

 

Loss from Discontinued Operations Attributable to

   Esterline, Net of Tax

 

 

(8,690

)

 

 

(558

)

 

 

(15,493

)

 

 

(21,034

)

Net Earnings Attributable to Esterline

 

$

29,356

 

 

$

27,664

 

 

$

49,413

 

 

$

66,594

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding

 

 

29,381

 

 

 

30,831

 

 

 

29,517

 

 

 

31,183

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

1.30

 

 

$

0.92

 

 

$

2.19

 

 

$

2.81

 

Discontinued Operations

 

 

(0.30

)

 

 

(0.02

)

 

 

(0.52

)

 

 

(0.67

)

Earnings (Loss) Per Share Attributable to Esterline

   - Basic

 

$

1.00

 

 

$

0.90

 

 

$

1.67

 

 

$

2.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding

 

 

29,381

 

 

 

30,831

 

 

 

29,517

 

 

 

31,183

 

Net Shares Assumed to be Issued for Stock Options

   and RSUs

 

 

220

 

 

 

491

 

 

 

271

 

 

 

519

 

Weighted Average Number of Shares and

   Equivalent Shares Outstanding - Diluted

 

 

29,601

 

 

 

31,322

 

 

 

29,788

 

 

 

31,702

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing Operations

 

$

1.28

 

 

$

0.90

 

 

$

2.18

 

 

$

2.76

 

Discontinued Operations

 

 

(0.29

)

 

 

(0.02

)

 

 

(0.52

)

 

 

(0.66

)

Earnings (Loss) Per Share Attributable to Esterline

   - Diluted

 

$

0.99

 

 

$

0.88

 

 

$

1.66

 

 

$

2.10