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
----------------------------------------------------------------
Second Quarter 1995 Second Quarter 1994
-------------------------------- -----------------------------------
Income Income
Attributable Attributable
Avg. Shares to Common Avg. Shares to Common
of Common and Class B Stock of Common and Class B Stock
and Class B ----------------- and Class B -------------------
Stock Per Stock Per
Outstanding Total Share Outstanding Total Share
------------ --------- ----- ------------- ------ -----
(Mils.) (Mils.) (Mils.) (Mils.)
Preliminary Earnings Per Share Calculation 1,040 $1,503 $1.45 1,005 $1,639 $1.63
I. Primary Earnings Per Share
--------------------------
. Assuming exercise of options 34 45
. Assuming purchase of shares with
proceeds of options (18) (26)
. Assuming issuance of shares contingently
issuable 2 2
. Uncommitted ESOP shares (3) (6)
----- ------
Net Common Stock Equivalents 15 15
----- ------
Primary Earnings Per Share Calculation 1,055 $1,503 $1.42a/ 1,020 $1,639 $1.61a/
===== ====== ===== ====== ====== =====
II. Fully Diluted Earnings Per Share
--------------------------------
Primary Earnings Per Share Calculation 1,055 $1,503 $1.42 1,020 $1,639 $1.61
. Assuming conversion of convertible
preferred stock 139 45b/ 150 48b/
. Reduction in shares assumed to be purchased
with option proceeds c/ 1 0
----- ------ ----- -----
Fully Diluted Earnings Per Share
Calculation 1,195 $1,548 $1.30 1,170 $1,687 $1.44
===== ====== ===== ===== ====== =====
- - - - - -
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.
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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
----------------------------------------------------------------
First Half 1995 First Half 1994
-------------------------------- -------------------------------------
Income Income
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 1,033 $2,981 $2.89 1,002 $2,471 $2.47
I. Primary Earnings Per Share
--------------------------
. Assuming exercise of options 34 45
. Assuming purchase of shares with
proceeds of options (19) (25)
. Assuming issuance of shares contingently
issuable 2 2
. Uncommitted ESOP shares (3) (6)
----- -----
Net Common Stock Equivalents 14 16
----- -----
Primary Earnings Per Share Calculation 1,047 $2,981 $2.85a/ 1,018 $2,471 $2.43a/
===== ====== ===== ====== ====== =====
II. Fully Diluted Earnings Per Share
--------------------------------
Primary Earnings Per Share Calculation 1,047 $2,981 $2.85 1,018 $2,471 $2.43
. Assuming conversion of convertible
preferred stock 144 93b/ 150 97b/
. Reduction in shares assumed to
be purchased
with option proceeds c/ 2 0
----- ------ ------ ------
Fully Diluted Earnings Per Share
Calculation 1,193 $3,074 $2.59 1,168 $2,568 $2.20
===== ====== ===== ====== ====== =====
- - - - - -
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.
-30-