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
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Second Quarter 1996 Second Quarter 1995
--------------------------------- -------------------------------------
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 1,178 $1,887 $1.60 1,040 $1,503 $1.45
I. Primary Earnings Per Share
. Assuming exercise of options 59 34
. Assuming purchase of shares with
proceeds of options (39) (18)
. Assuming issuance of shares contingently
issuable 2 2
. Uncommitted ESOP shares (8) (3)
----- -----
Net Common Stock Equivalents 14 15
----- -----
Primary Earnings Per Share Calculation 1,192 $1,887 $1.58a/ 1,055 $1,503 $1.42a/
===== ====== ===== ===== ====== =====
II. Fully Diluted Earnings Per Share
Primary Earnings Per Share Calculation 1,192 $1,887 $1.58 1,055 $1,503 $1.42
. Assuming conversion of convertible
preferred stock 19 6b/ 139 45b/
. Reduction in shares assumed to be
purchased with option proceeds c/ 0 1
----- ------ ----- ------
Fully Diluted Earnings Per Share Calculation 1,211 $1,893 $1.56 1,195 $1,548 $1.30
===== ====== ===== ===== ====== =====
- - - - - -
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 1996 First Half 1995
----------------------------------- -----------------------------------
Income Income
Attributable Attributable
Avg. Share 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 1,173 $2,521 $2.15 1,033 $2,981 $2.89
I. Primary Earnings Per Share
. Assuming exercise of options 57 34
. Assuming purchase of shares with
proceeds of options (40) (19)
. Assuming issuance of shares contingently
issuable 2 2
. Uncommitted ESOP shares (5) (3)
----- -----
Net Common Stock Equivalents 14 14
----- -----
Primary Earnings Per Share Calculation 1,187 $2,521 $2.12a/ 1,047 $2,981 $2.85a/
===== ====== ===== ===== ====== =====
II. Fully Diluted Earnings Per Share
Primary Earnings Per Share Calculation 1,187 $2,521 $2.12 1,047 $2,981 $2.85
. Assuming conversion of convertible
preferred stock 23 15b/ 144 93b/
. Reduction in shares assumed to be
purchased with option proceeds c/ 0 2
----- ------ ----- ------
Fully Diluted Earnings Per Share Calculation 1,210 $2,536 $2.10 1,193 $3,074 $2.59
===== ====== ===== ===== ====== =====
- - - - - -
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.
-21-