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Content analysis
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8th grade Avg
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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, 2011 |
| March 31, 2010 |
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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 |
| 1,222,153,643 |
| 1,301,183,192 |
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Add - incremental shares under stock-based compensation plans |
| 15,654,835 |
| 18,654,457 |
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Add - incremental shares associated with contingently issuable shares |
| 2,219,966 |
| 1,794,631 |
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Number of shares on which diluted earnings per share is calculated |
| 1,240,028,445 |
| 1,321,632,281 |
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Net income on which basic earnings per share is calculated (millions) |
| $ | 2,863 |
| $ | 2,601 |
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Less - net income applicable to contingently issuable shares (millions) |
| — |
| — |
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Net income on which diluted earnings per share is calculated (millions) |
| $ | 2,863 |
| $ | 2,601 |
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Earnings per share of common stock: |
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Assuming dilution |
| $ | 2.31 |
| $ | 1.97 |
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Basic |
| $ | 2.34 |
| $ | 2.00 |
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Stock options to purchase 73,998 shares were outstanding as of March 31, 2010, but were not included in the computation of diluted earnings per share because the options’ exercise price during that period was greater than the average market price of the common shares and, therefore, the effect would have been antidilutive.