Exhibit 11
Ford Motor Company and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
IN ACCORDANCE WITH OPINION 15 OF THE ACCOUNTING PRINCIPLES BOARD
1993 1992 1991
------------------------- ---------------------------- ------------------------------
Income (Loss) (Loss)
Avg. Shares Attributable Avg. Shares Attributable Avg. Shares Attributable
of Common to Common of Common to Common of Common to Common
and Class B and Class B Stock and Class B and Class B Stock and Class B and Class B Stock
----------------- ----------------- -----------------
Stock Per Stock Per Stock Per
Outstanding Total Share Outstanding Total Share Outstanding Total Share
---------- ------ ------ ----------- ----- ----- ----------- ----- -----
(Mils.) (Mils.) (Mils.) (Mils.) (Mils.) (Mils.)
Preliminary Earnings Per Share
Calculation 493 $2,241 $4.55 487 $(7,594) $(15.61) 476 $(2,280) $(4.79)
. Assuming exercise of
options 23 12 8
. Assuming purchase of shares
with proceeds of options (14) (7) (5)
. Assuming issuance of shares
contingently issuable 1 1 1
--- --- ---
Net Common Stock
Equivalents 10 6 4
Primary Earnings Per Share
Calculation 503 $2,241 $4.46a/ 493 $(7,594) $(15.61)a/ 480 $(2,280) $(4.79)a/
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II. Fully Diluted Earnings
Per Share
----------------------
Primary Earnings Per Share
Calculation 503 $2,241 $4.46a/ 493 $(7,594) $(15.61)a/ 480 $(2,280) $(4.79)a/
. Assuming conversion of
convertible preferred stock 75 193b/ 75 193b/ 11c/ 22b/
. Reduction in shares assumed
to be purchased with option
proceeds d/ 2 1 0
--- ------ --- --------- --- -------
Fully Diluted Earnings Per
Share Calculation 580 $2,434 $4.20 569 $(7,401) $(15.61)a/ 491 $(2,258) $(4.79)a/
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- - - - - -
a/ The effect of common stock equivalents and/or other dilutive securities was
anti-dilutive or not material in this period; therefore, the amount
presented on the income statement is the Preliminary Earnings Per Share
Calculation.
b/ Reflects the elimination of preferred dividends upon conversion.
c/ If all of the Series A Preferred Stock were converted to Common Stock, an
additional 75 million shares of Common Stock would be outstanding. This
shows the effect on average shares outstanding during the year from the
issuance date of November 13, 1991.
d/ Incremental effect of dividing assumed option proceeds by the ending price,
rather than the average price, of Common Stock for each period when the
ending price exceeds the average price.
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