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                                                                      EXHIBIT 11
                        BEARINGS, INC. AND SUBSIDIARIES

                      Computation of Net Income Per Share
                                  (Unaudited)
                       (Thousands, except per share data)


<TABLE>
<CAPTION>
                                                           Three Months Ended                    Six Months Ended
                                                               December 31                          December 31
                                                         1993               1992               1993              1992
                                                        ------             ------             ------            ------
<S>                                                     <C>                <C>                <C>                <C>
Average Shares Outstanding
- --------------------------

1. Average common shares
   outstanding                                           7,365              7,232              7,351              7,173
                                                                                                                       
2. Net additional shares
   outstanding assuming stock
   options exercised and
   proceeds used to purchase
   treasury stock                                          122                 67                123                 67
                                                         -----              -----              -----              -----

3. Adjusted average common
   shares outstanding for
   fully diluted computation                             7,487              7,299              7,474              7,240
                                                         =====              =====              =====              =====


   Net Income
   ----------

4. Net income as reported in
   statements of consolidated
   income                                               $2,357             $1,755             $4,629             $3,260
                                                        ======             ======             ======             ======


   Net Income Per Share
   --------------------
5. Net income per average
   common share outstanding
   (4/1)                                                $  .32             $  .24             $  .63             $  .45
                                                         ======            ======             ======             ======



6. Net income per common
   share on a fully
   dilutive basis (4/3)                                 $  .31(A)          $  .24(A)          $  .62(A)          $  .45(A)
                                                         ======            ======             ======             ======   
<FN>

(A)  Fully diluted net income per share is not presented as the dilutive
effect is less than 3%.
</TABLE>
