<PAGE>
                                                                    EXHIBIT (11)
 
                        HONEYWELL INC. AND SUBSIDIARIES
                       COMPUTATION OF EARNINGS PER SHARE
                   FOR THE FIVE YEARS ENDED DECEMBER 31, 1995
                 (DOLLARS IN MILLIONS EXCEPT PER SHARE AMOUNTS)
 
<TABLE>
<CAPTION>
                                                       1996         1995         1994         1993         1992
                                                    -----------  -----------  -----------  -----------  -----------
<S>                                                 <C>          <C>          <C>          <C>          <C>
Primary:
Income:
  Income before extraordinary item and cumulative
   effect of accounting changes...................  $     402.7  $     333.6  $     278.9  $     322.2  $     399.9
  Extraordinary item -- loss on early redemption
   of debt........................................                                                             (8.6)
  Cumulative effect of accounting changes
   (Note).........................................                                                           (144.5)
                                                    -----------  -----------  -----------  -----------  -----------
    Net income....................................  $     402.7  $     333.6  $     278.9  $     322.2  $     246.8
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
Shares:
  Weighted average of shares outstanding during
   the year.......................................  126,632,082  127,138,774  129,440,052  134,242,394  138,525,414
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
Earnings per share:
  Income before extraordinary item and cumulative
   effect of accounting changes...................  $      3.18  $      2.62  $      2.15  $      2.40  $      2.88
  Extraordinary item -- loss on early redemption
   of debt........................................                                                            (0.06)
  Cumulative effect of accounting changes
   (Note).........................................                                                            (1.04)
                                                    -----------  -----------  -----------  -----------  -----------
    Net income....................................  $      3.18  $      2.62  $      2.15  $      2.40  $      1.78
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
Assuming full dilution:
Income:
  Income before extraordinary item and cumulative
   effect of accounting changes...................  $     402.7  $     333.6  $     278.9  $     322.2  $     399.9
  Extraordinary item -- loss on early redemption
   of debt........................................                                                             (8.6)
  Cumulative effect of accounting changes
   (Note).........................................                                                           (144.5)
                                                    -----------  -----------  -----------  -----------  -----------
    Net income....................................  $     402.7  $     333.6  $     278.9  $     322.2  $     246.8
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
Shares:
  Weighted average of shares outstanding during
   the year.......................................  126,632,082  127,138,774  129,440,052  134,242,394  138,525,414
  Shares issuable in connection with stock plans
   less shares purchaseable from proceeds.........    2,848,697    2,364,352      541,811    1,069,901    1,599,395
                                                    -----------  -----------  -----------  -----------  -----------
    Total shares..................................  129,480,779  129,503,126  129,981,863  135,312,295  140,124,809
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
Earnings per share:
  Income before extraordinary item and cumulative
   effect of accounting changes...................  $      3.11  $      2.58  $      2.15  $      2.38  $      2.85
  Extraordinary item -- loss on early redemption
   of debt........................................                                                            (0.06)
  Cumulative effect of accounting changes.........                                                            (1.03)
                                                    -----------  -----------  -----------  -----------  -----------
    Net income....................................  $      3.11  $      2.58  $      2.15  $      2.38  $      1.76
                                                    -----------  -----------  -----------  -----------  -----------
                                                    -----------  -----------  -----------  -----------  -----------
</TABLE>
 
------------------------
Note: The  cumulative  effect of  accounting changes  in 1992  is the  result of
      adopting Statement  of  Financial  Accounting Standards  (SFAS)  No.  106,
      "Employers'  Accounting for Postretirement  Benefits Other Than Pensions,"
      which reduced  net income  by  $151.3 ($1.09  per  share); SFAS  No.  109,
      "Accounting  for Income Taxes," which increased net income by $31.4 ($0.23
      per share); and  SFAS No. 112,  "Employers' Accounting for  Postemployment
      Benefits," which reduced net income by $24.6 ($0.18 per share).
 
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