EXHIBIT 11
ARMCO INC.
COMPUTATION OF LOSS PER SHARE
(Dollars and shares in millions, except per share amounts)
Three Months Ended
PRIMARY March 31,
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1994 1993
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Net loss applicable to common stock
(After preferred dividends of $4.5 for the three months
ended March 31, 1994 and 1993):
Loss from continuing operations $ (31.7) $ (25.6)
Loss from discontinued operations - (0.9)
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Loss before cumulative effect of accounting changes (31.7) (26.5)
Cumulative effect of changes in accounting for certain postretirement
and postemployment benefits and income taxes - (307.5)
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Net Loss $ (31.7) $ (334.0)
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Weighted average number of common shares 104.1 103.6
Loss per share:
Loss from continuing operations $ (0.30) $ (0.25)
Loss from discontinued operations - -
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Loss before cumulative effect of accounting changes (0.30) (0.25)
Cumulative effect of changes in accounting for certain postretirement
and postemployment benefits and income taxes - (2.97)
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Net Loss per share $ (0.30) $ (3.22)
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FULLY DILUTED*
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Net loss applicable to common stock
(After preferred dividends of $4.5 for the three months
ended March 31, 1994 and 1993):
Loss from continuing operations $ (31.7) $ (25.6)
Loss from discontinued operations - (0.9)
- - ------------------------------------------------------------------------------------------------------------
Loss before cumulative effect of accounting changes (31.7) (26.5)
Cumulative effect of changes in accounting for certain postretirement
and postemployment benefits and income taxes - (307.5)
- - ------------------------------------------------------------------------------------------------------------
Net Loss $ (31.7) $ (334.0)
- - ------------------------------------------------------------------------------------------------------------
Weighted average number of common shares 104.1 103.6
Weighted average number of common equivalent shares ** **
Weighted average number of preferred shares on an ""if converted"" basis ** **
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Average common shares outstanding as adjusted 104.1 103.6
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Loss per share:
Loss from continuing operations $ (0.30) $ (0.25)
Loss from discontinued operations - -
- - ------------------------------------------------------------------------------------------------------------
Loss before cumulative effect of accounting changes (0.30) (0.25)
Cumulative effect of changes in accounting for certain postretirement
and postemployment benefits and income taxes - (2.97)
- - ------------------------------------------------------------------------------------------------------------
Net Loss per share $ (0.30) $ (3.22)
- - ------------------------------------------------------------------------------------------------------------
Shares of stock outstanding at March 31
Common 104.1 103.8
Preferred - $2.10 Class A 1.7 1.7
Preferred - $3.625 Class A 2.7 2.7
Preferred - $4.50 Class B 1.0 1.0
<FN>
* Calculation of fully diluted loss per share is submitted in accordance with Securities Exchange Act of
1934 Release No. 9083 although it is contrary to paragraph 40 of APB Opinion No. 15 because it produces
an antidilutive result, or is not required by footnote 2 to paragraph 14 of APB Opinion No. 15 because it
results in dilution of less than 3%.
** Antidilutive