EXHIBIT 11
BRISTOL-MYERS SQUIBB COMPANY
Exhibit With Respect to Omission of Dilutive Elements
In Primary and Fully Diluted Earnings Per Share
EFFECT OF EXERCISE OF STOCK OPTIONS AND WARRANTS ON PRIMARY EARNINGS PER SHARE:
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1994 1993 1992
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(1)Average market price of Common
Stock during year $55.89 $58.42 $69.79
(2)Number of shares under option
and warrant at year-end for which
exercise price is below (1) 11,634,891 11,978,432 8,632,047
(3)Aggregate proceeds to be
received upon exercise of shares
in (2) $570,433,755 $600,689,306 $407,281,454
(4)Shares deemed repurchased under
treasury stock method (3) divided
by (1) 10,206,365 10,282,254 5,835,814
(5)Additional shares deemed
outstanding (2) - (4) 1,428,526 1,696,178 2,796,233
(6)(5) as a percentage of number of
shares used in computing earnings
per share .28% .33% .54%
In view of the above percentages, the effect of assumed exercise of stock
options and warrants was considered not dilutive in accordance with Footnote 2
to paragraph 14 of APB Opinion #15.
E-4-1
BRISTOL-MYERS SQUIBB COMPANY
Exhibit With Respect to Omission of Dilutive Elements
In Primary and Fully Diluted Earnings Per Share
EFFECT OF CONVERSION OF PREFERRED STOCK AND EXERCISE OF STOCK OPTIONS AND
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WARRANTS ON FULLY DILUTED EARNINGS PER SHARE:
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1994 1993 1992
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Restatement of Shares:
(1) Shares used in computing earnings
per share 508,722,399 515,245,655 517,966,931
(2) Additional shares deemed
outstanding:
(a) Upon issuance pursuant to stock
plans, options, rights and warrants
after assumed repurchase of shares 2,389,203 2,442,546 2,929,858
(b) Upon conversion of preferred
stock outstanding at conversion
rate of 424/100 per common share 92,674 109,384 120,912
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(3) Shares assumed to be outstanding
for fully diluted computation 511,204,276 517,797,585 521,017,701
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Restatement of Earnings:
(4) Net earnings applicable to
Common Stock:
Earnings from Continuing
Operations $1,842,446,000 $1,959,128,000 $1,537,853,000
Earnings Before Cumulative
Effect of Accounting Change 1,842,446,000 1,959,128,000 2,207,710,000
Cumulative Effect of Accounting
Change - - (246,012,000)
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Net Earnings 1,842,446,000 1,959,128,000 1,961,698,000
(5) Dividends on Preferred Stock 48,000 54,000 60,000
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(6) Pro forma earnings applicable
to Common Stock $1,842,494,000 $1,959,182,000 $1,961,758,000
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(7) Pro forma fully diluted
earnings per share:
Earnings from Continuing Operations $3.60 $3.78 $2.95
Earnings Before Cumulative Effect
of Accounting Change 3.60 3.78 4.24
Cumulative Effect of Accounting
Change - - (0.47)
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Net Earnings $3.60 $3.78 $3.77
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E-4-2
BRISTOL-MYERS SQUIBB COMPANY
Exhibit With Respect to Omission of Dilutive Elements
In Primary and Fully Diluted Earnings Per Share
EFFECT OF CONVERSION OF PREFERRED STOCK AND EXERCISE OF STOCK OPTIONS AND
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WARRANTS ON FULLY DILUTED EARNINGS PER SHARE:
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1994 1993 1992
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(8) Reported per share:
Earnings from Continuing Operations $3.62 $3.80 $2.97
Earnings Before Cumulative Effect of
Accounting Change 3.62 3.80 4.26
Cumulative Effect of Accounting Change - - (0.47)
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Net Earnings $3.62 $3.80 $3.79
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(9) Dilution:
Earnings from Continuing Operations .55% .53% .67%
Earnings Before Cumulative Effect of
Accounting Change .55% .53% .47%
Cumulative Effect of Accounting Change - - -
Net Earnings .55% .53% .53%
In view of the above percentages, the effect of assumed issuance pursuant to
stock plans, options, rights and warrants and conversions of Preferred Stock
was considered not dilutive in accordance with Footnote 2 to paragraph 14 of
APB Opinion #15.
E-4-3