EXHIBIT 11.1 - STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
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FEDERAL-MOGUL CORPORATION AND SUBSIDIARIES
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Primary Earnings Per Share Fully Diluted Earnings Per Share
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1993 1992 1991 1993 1992 1991
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EARNINGS: (In Millions)
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Earnings (loss) from
continuing operations $ 40.1 $ 4.4 $(19.8) $ 40.1 $ 4.4 $(19.8)
Series C preferred
dividend requirements (2.9) (3.0) (3.1)
Series D preferred
dividend requirements (6.2) (1.6)
Additional required
ESOP contribution (1) (2.3) (2.3) (1.8)
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Earnings (loss) from
continuing operations,
as adjusted 31.0 (.2) (22.9) 37.8 2.1 (21.6)
Cumulative effect
of accounting change (88.1) (88.1)
Discontinued operations 16.1 16.1
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Net earnings (loss)
available for common
& equivalent shares $ 31.0 $(88.3) $ (6.8) $ 37.8 $(86.0) $ (5.5)
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WEIGHTED AVERAGE SHARES: (In Millions)
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Common shares outstanding 27.2 22.4 22.3 27.2 22.4 22.3
Dilutive stock
options outstanding .1 .3
Conversion of Series C
preferred stock (3) 1.9 1.9 2.0
Contingent issuance of
common stock to satisfy
the redemption price
guarantee (2)(4) .1 .1
Conversion of Series D
preferred stock (3) 4.4 1.2
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Common and equivalent
shares outstanding 27.3 22.4 22.3 33.9 25.6 24.3
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PER COMMON AND EQUIVALENT SHARE:
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Continuing operations $ 1.13 $ (.01) $(1.03) $ 1.12 $ .08 $ (.89)
Cumulative effect
of accounting change (3.93) (3.44)
Discontinued operations .72 .66
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Net earnings (loss) $ 1.13(6) $(3.94) $ (.31) $ 1.12 $(3.36)(5) $ (.23)(5)
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/TABLE
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(1) Amount represents the additional after-tax contribution that would be
necessary to meet the ESOP debt service
requirements under an assumed conversion of the Series C preferred
stock.
(2) Calculations consider the December 31, 1993 common stock market price
in accordance with the Emerging Issues Task Force Abstract No. 89-12.
(3) Amount represents the weighted average number of common shares issued
assuming conversion of preferred stock outstanding.
(4) Amount represents the additional number of common shares that would be
issued in order to satisfy the preferred stock redemption price
guarantee. This calculation considers only the number of preferred
shares held by the ESOP that have been allocated to participants'
accounts as of December 31 of the respective year.
(5) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although it is contrary to paragraph 40 of APB Opinion No.
15 because it produces an anti-dilutive result.
(6) Calculation is based on net earnings available for common and
equivalent shares of approximately $30,940,000 and common and equivalent
shares outstanding of 27,342,160.