EXHIBIT 11
COMPUTATION OF BASIC AND DILUTED
EARNINGS PER SHARE
(UNAUDITED)
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| For the Three Months Ended |
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| March 31, 2008 |
| March 31, 2007 |
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Number of shares on which basic earnings per share is calculated: |
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Weighted-average shares outstanding during period |
| 1,383,008,552 |
| 1,499,526,809 |
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Add - Incremental shares under stock compensation plans |
| 19,810,889 |
| 20,036,183 |
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Add - Incremental shares associated with convertible notes |
| — |
| 2,084,409 |
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Add - Incremental shares associated with contingently issuable shares |
| 1,503,090 |
| 1,130,070 |
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Number of shares on which diluted earnings per share is calculated |
| 1,404,322,531 |
| 1,522,777,471 |
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Income from continuing operations (millions) |
| $ | 2,319 |
| $ | 1,844 |
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Income from discontinued operations (millions) |
| — |
| 000 |
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Net income from total operations on which basic earnings per share is calculated (millions) |
| $ | 2,319 |
| $ | 1,844 |
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Income from continuing operations (millions) |
| $ | 2,319 |
| $ | 1,844 |
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Less - net income applicable to contingently issuable shares (millions) |
| — |
| — |
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Income from continuing operations on which diluted earnings per share is calculated (millions) |
| 2,319 |
| 1,844 |
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Income from discontinued operations on which basic and diluted earnings per share is calculated (millions) |
| — |
| 000 |
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Net income on which diluted earnings per share is calculated (millions) |
| $ | 2,319 |
| $ | 1,844 |
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Earnings per share of common stock: |
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Assuming dilution |
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Continuing operations |
| $ | 1.65 |
| $ | 1.21 |
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Discontinued operations |
| — |
| 0.00 |
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Total |
| $ | 1.65 |
| $ | 1.21 |
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Basic |
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Continuing operations |
| $ | 1.68 |
| $ | 1.23 |
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Discontinued operations |
| — |
| 0.00 |
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Total |
| $ | 1.68 |
| $ | 1.23 |
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Stock options to purchase 40,484,952 shares and 106,883,604 shares were outstanding as of March 31, 2008 and 2007, 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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