Exhibit 11
Page 1 of 2
Ford Motor Company and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
IN ACCORDANCE WITH OPINION 15 OF THE ACCOUNTING PRINCIPLES BOARD
(CAPTION>
Third Quarter 1994 Third Quarter 1993
------------------------------- -------------------------------
Avg. Shares Attributable Avg. Shares Attributable
of Common to Common of Common to Common
and Class B and Class B Stock and Class B and Class B Stock
----------------- -----------------
Stock Per Stock Per
Outstanding Total Share Outstanding Total Share
------------ ------- ------ ----------- ----- ------
(Mils.) (Mils.) (Mils.) (Mils.)
Preliminary Earnings Per Share Calculation 1,014 $1,052 $1.04 988 $391 $0.40
I. Primary Earnings Per Share
--------------------------
. Assuming exercise of options 42 46
. Assuming purchase of shares with proceeds of options (25) (28)
. Assuming issuance of shares contingently issuable 2 2
. Uncommitted ESOP shares (4) -
----- -----
Net Common Stock Equivalents 15 20
----- -----
Primary Earnings Per Share Calculation 1,029 $1,052 $1.02a/ 1,008 $391 $0.39a/
===== ====== ===== ===== ==== =====
II. Fully Diluted Earnings Per Share
--------------------------------
Primary Earnings Per Share Calculation 1,029 $1,052 $1.02 1,008 $391 $0.39
. Assuming conversion of convertible preferred stock 150 48b/ 150 48b/
. Reduction in shares assumed to be purchased
with option proceedsc/ 0 2
----- ------ ----- ----
Fully Diluted Earnings Per Share Calculation 1,179 $1,100 $0.93 1,160 $439 $0.38
===== ====== ===== ===== ==== =====
- - - - - -
a/ The effect of common stock equivalents and/or other dilutive securities
was 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/ 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.
Share data have been restated to reflect the 2-for-1 stock split that became
effective June 6, 1994.
-18-
Exhibit 11
Page 2 of 2
Ford Motor Company and Subsidiaries
COMPUTATION OF PRIMARY AND FULLY DILUTED EARNINGS PER SHARE
IN ACCORDANCE WITH OPINION 15 OF THE ACCOUNTING PRINCIPLES BOARD
Third Quarter 1994 Third Quarter 1993
--------------------------------- -------------------------------
Avg. Shares Attributable Avg. Shares Attributable
of Common to Common of Common to Common
and Class B and Class B Stock and Class B and Class B Stock
----------------- -----------------
Stock Per Stock Per
Outstanding Total Share Outstanding Total Share
----------- ----- ------ ----------- ----- -----
Preliminary Earnings Per Share Calculation 1,006 $3,523 $3.50 984 $1,594 $1.62
I. Primary Earnings Per Share
--------------------------
. Assuming exercise of options 44 42
. Assuming purchase of shares with proceeds of options (25) (26)
. Assuming issuance of shares contingently issuable 2 2
. Uncommitted ESOP shares (5) -
----- -----
Net Common Stock Equivalents 16 18
----- -----
Primary Earnings Per Share Calculation 1,022 $3,523 $3.45a/ 1,002 $1,594 $1.59a/
===== ====== ===== ===== ====== =====
II. Fully Diluted Earnings Per Share
--------------------------------
Primary Earnings Per Share Calculation 1,022 $3,523 $3.45 1,002 $1,594 $1.59
. Assuming conversion of convertible preferred stock 150 145b/ 150 145b/
. Reduction in shares assumed to be purchased
with option proceedsc/ 0 2
----- ------ ----- ------
Fully Diluted Earnings Per Share Calculation 1,172 $3,668 $3.13 1,154 $1,739 $1.51
===== ====== ===== ===== ====== =====
- - - - - -
a/ The effect of common stock equivalents and/or other dilutive securities
was 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/ 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.
Share data have been restated to reflect the 2-for-1 stock split that became
effective June 6, 1994.
-19-