EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Three Months Ended | ||||
| September 30, 2015 |
| September 30, 2014 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 975,077,042 |
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| 991,835,307 |
Add – Incremental shares under stock-based compensation plans |
| 2,814,660 |
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| 4,308,983 |
Add – Incremental shares associated with contingently issuable shares |
| 1,068,058 |
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| 1,513,587 |
Number of shares on which diluted earnings per share is calculated |
| 978,959,760 |
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| 997,657,878 |
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Income from continuing operations (millions) | $ | 2,962 |
| $ | 3,455 |
Loss from discontinued operations, net of tax (millions) |
| (12) |
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| (3,437) |
Net income on which basic earnings per share is calculated (millions) | $ | 2,950 |
| $ | 18 |
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Income from continuing operations (millions) | $ | 2,962 |
| $ | 3,455 |
Net income applicable to contingently issuable shares (millions) |
| (1) |
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| – |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 2,961 |
| $ | 3,455 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (12) |
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| (3,437) |
Net income on which diluted earnings per share is calculated (millions) | $ | 2,949 |
| $ | 18 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 3.02 |
| $ | 3.46 |
Discontinued operations |
| (0.01) |
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| (3.44) |
Total | $ | 3.01 |
| $ | 0.02 |
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Basic |
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Continuing operations | $ | 3.04 |
| $ | 3.48 |
Discontinued operations |
| (0.01) |
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| (3.46) |
Total | $ | 3.03 |
| $ | 0.02 |
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Stock options to purchase 35,416 shares were outstanding as of September 30, 2015 but were not included in the | |||||
computation of diluted earnings per share because the options' exercise price during the respective period was greater than | |||||
the average market price of the common shares, and, therefore, the effect would have been antidilutive. There were no stock | |||||
options outstanding at September 30, 2014 that were considered antidilutive. | |||||
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91
EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Nine Months Ended | ||||
| September 30, 2015 |
| September 30, 2014 | ||
Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 981,845,622 |
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| 1,008,895,540 |
Add – Incremental shares under stock compensation plans |
| 3,245,804 |
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| 4,615,009 |
Add – Incremental shares associated with contingently issuable shares |
| 897,215 |
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| 1,348,225 |
Number of shares on which diluted earnings per share is calculated |
| 985,988,641 |
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| 1,014,858,774 |
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Income from continuing operations (millions) | $ | 8,904 |
| $ | 10,237 |
Loss from discontinued operations, net of tax (millions) |
| (176) |
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| (3,698) |
Net income on which basic earnings per share is calculated (millions) | $ | 8,727 |
| $ | 6,539 |
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Income from continuing operations (millions) | $ | 8,904 |
| $ | 10,237 |
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Net income applicable to contingently issuable shares (millions) |
| (1) |
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| 0 |
Income from continuing operations on which diluted earnings per share is |
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calculated (millions) | $ | 8,903 |
| $ | 10,236 |
Loss from discontinued operations, net of tax, on which basic and diluted |
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earnings per share is calculated (millions) |
| (176) |
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| (3,698) |
Net income on which diluted earnings per share is calculated (millions) | $ | 8,726 |
| $ | 6,538 |
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Earnings/(loss) per share of common stock: |
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Assuming dilution |
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Continuing operations | $ | 9.03 |
| $ | 10.09 |
Discontinued operations |
| (0.18) |
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| (3.65) |
Total | $ | 8.85 |
| $ | 6.44 |
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Basic |
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Continuing operations | $ | 9.07 |
| $ | 10.15 |
Discontinued operations |
| (0.18) |
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| (3.67) |
Total | $ | 8.89 |
| $ | 6.48 |
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Stock options to purchase 40,880 shares and 7,535 shares (average of first, second and third quarter share amounts) were | |||||
outstanding as of September 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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