EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Three Months Ended | ||||
| March 31, 2015 |
| March 31 2014 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 988,149,972 |
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| 1,035,213,567 |
Add – Incremental shares under stock-based compensation plans |
| 3,420,804 |
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| 5,433,316 |
Add – Incremental shares associated with contingently issuable shares |
| 761,826 |
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| 1,123,266 |
Number of shares on which diluted earnings per share is calculated |
| 992,332,602 |
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| 1,041,770,149 |
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Income from continuing operations (millions) | $ | 2,415 |
| $ | 2,530 |
Loss from discontinued operations, net of tax (millions) |
| (88) |
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| (146) |
Net income on which basic earnings per share is calculated (millions) | $ | 2,328 |
| $ | 2,384 |
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Income from continuing operations (millions) | $ | 2,415 |
| $ | 2,530 |
Net income applicable to contingently issuable shares (millions) |
| – |
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| – |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 2,415 |
| $ | 2,530 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (88) |
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| (146) |
Net income on which diluted earnings per share is calculated (millions) | $ | 2,328 |
| $ | 2,384 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 2.44 |
| $ | 2.43 |
Discontinued operations |
| (0.09) |
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| (0.14) |
Total | $ | 2.35 |
| $ | 2.29 |
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Basic |
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Continuing operations | $ | 2.45 |
| $ | 2.44 |
Discontinued operations |
| (0.09) |
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| (0.14) |
Total | $ | 2.36 |
| $ | 2.30 |
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Stock options to purchase 48,202 shares and 19,129 shares were outstanding as of March 31, 2015 and 2014, respectively, | |||||
but were not included in the computation of diluted earnings per share because the options' exercise price during the | |||||
respective periods was greater than the average market price of the common shares, and therefore, the effect would have been | |||||
antidilutive. | |||||
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73