CUMMINS ENGINE COMPANY, INC., AND SUBSIDIARIES
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EXHIBIT 11
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SCHEDULE OF COMPUTATION OF PER SHARE EARNINGS
FOR THE THIRD QUARTER ENDED OCTOBER 2, 1994 AND OCTOBER 3, 1993
(Millions, Except per Share Data)
Third Quarter Nine Months
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Weighted Weighted
Average Net Average Net
Shares Earnings Shares Earnings
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1994
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Shares outstanding & earnings
available for common stock
shareholders 41.6 $61.9 41.1 $182.7
Options .1 - .2 -
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Used in the determination of
primary and fully diluted
earnings per common share 41.7 $61.9 41.3 $182.7
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Primary and fully diluted
earnings per share $1.48 $ 4.43
_____ ______
1993
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Shares outstanding & earnings
available for common stock
shareholders 34.7 $38.7 34.6 $123.9
Options .2 - .4 -
____ _____ ____ ______
Used in the determination of
primary earnings per common
share 34.9 38.7 35.0 123.9
Liquid yield option notes 1.0 .9 1.0 2.6
Convertible preference stock 3.0 2.0 3.0 6.1
Other - (.4) - (1.2)
____ ______ ____ _______
Used in the determination of
fully diluted earnings per
common share 38.9 $41.2 39.0 $131.4
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____ _____ ____ ______
Earnings per share:
Primary $1.11 $ 3.54
Fully diluted $1.06 $ 3.37