EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Three Months Ended | ||||
| June 30, 2015 |
| June 30 2014 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 982,309,853 |
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| 999,637,745 |
Add – Incremental shares under stock-based compensation plans |
| 3,501,947 |
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| 4,102,729 |
Add – Incremental shares associated with contingently issuable shares |
| 861,760 |
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| 1,407,821 |
Number of shares on which diluted earnings per share is calculated |
| 986,673,560 |
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| 1,005,148,295 |
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Income from continuing operations (millions) | $ | 3,526 |
| $ | 4,251 |
Loss from discontinued operations, net of tax (millions) |
| (77) |
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| (115) |
Net income on which basic earnings per share is calculated (millions) | $ | 3,449 |
| $ | 4,137 |
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Income from continuing operations (millions) | $ | 3,526 |
| $ | 4,251 |
Net income applicable to contingently issuable shares (millions) |
| – |
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| 0 |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 3,526 |
| $ | 4,251 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (77) |
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| (115) |
Net income on which diluted earnings per share is calculated (millions) | $ | 3,449 |
| $ | 4,136 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 3.58 |
| $ | 4.23 |
Discontinued operations |
| (0.08) |
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| (0.11) |
Total | $ | 3.50 |
| $ | 4.12 |
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Basic |
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Continuing operations | $ | 3.59 |
| $ | 4.25 |
Discontinued operations |
| (0.08) |
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| (0.11) |
Total | $ | 3.51 |
| $ | 4.14 |
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Stock options to purchase 39,021 shares and 3,477 shares were outstanding as of June 30, 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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89
EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Six Months Ended | ||||
| June 30, 2015 |
| June 30 2014 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 985,229,912 |
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| 1,017,425,656 |
Add – Incremental shares under stock compensation plans |
| 3,461,376 |
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| 4,768,022 |
Add – Incremental shares associated with contingently issuable shares |
| 811,793 |
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| 1,265,544 |
Number of shares on which diluted earnings per share is calculated |
| 989,503,081 |
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| 1,023,459,222 |
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Income from continuing operations (millions) | $ | 5,942 |
| $ | 6,782 |
Loss from discontinued operations, net of tax (millions) |
| (165) |
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| (261) |
Net income on which basic earnings per share is calculated (millions) | $ | 5,777 |
| $ | 6,521 |
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Income from continuing operations (millions) | $ | 5,942 |
| $ | 6,782 |
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Net income applicable to contingently issuable shares (millions) |
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| 0 |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 5,942 |
| $ | 6,781 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (165) |
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| (261) |
Net income on which diluted earnings per share is calculated (millions) | $ | 5,777 |
| $ | 6,521 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 6.01 |
| $ | 6.62 |
Discontinued operations |
| (0.17) |
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| (0.25) |
Total | $ | 5.84 |
| $ | 6.37 |
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Basic |
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Continuing operations | $ | 6.03 |
| $ | 6.67 |
Discontinued operations |
| (0.17) |
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| (0.26) |
Total | $ | 5.86 |
| $ | 6.41 |
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Stock options to purchase 43,611 shares and 11,303 shares (average of first and second quarter share amounts) were | |||||
outstanding as of June 30, 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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90