l:\secfiles\10-Q\2ndqtr95\exhib11.doc 4
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GENERAL MOTORS CORPORATION EXHIBIT 11
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
Quarter Ended
June 30, 1995
-----------------------------
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
-----------------------------
(Dollars in Millions Except
Per Share Amounts)
Net income attributable to stocks $1,995.5 $205.8 $68.8
Premium on repurchase of preference stocks 153.4 - -
Dividends on preference stocks 46.1 - -
------- ----- ----
Earnings attributable to common stocks 1,796.0 205.8 68.8
Dividends on common stocks 223.7 57.1 22.0
------- ----- ----
Undistributed earnings 1,572.3 148.7 46.8
Adjustments
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (1.5) - 1.5
Dividends on assumed common stock
transactions (1.1) - (0.4)
------- ----- ----
Adjusted earnings attributable to
common stocks $1,569.7 $148.7 $47.9
======= ===== ====
Weighted average shares outstanding
(in millions) 746.3 438.7 95.4
Adjustment
Assumed exercise of dilutive stock options * 3.8 0.1 2.1
----- ----- ----
Adjusted weighted average shares outstanding 750.1 438.8 97.5
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $2.09 $0.34 $0.49
Dividends 0.30 0.13 0.23
---- ---- ----
Earnings per share attributable to common stocks $2.39 $0.47 $0.72
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed exercise of stock options reflected by these adjustments has
no effect on Class E or Class H common stock earnings per share, because to
the extent that shares of Class E or Class H common stock deemed to be
outstanding would increase, such increased shares would also increase the
numerator of the fraction used to determine Available Separate Consolidated
Net Income.
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2
GENERAL MOTORS CORPORATION
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
Quarter Ended
June 30, 1994
-----------------------------
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
-----------------------------
(Dollars in Millions Except
Per Share Amounts)
Net income attributable to stocks $1,755.0 $106.5 $61.3
Dividends on preference stocks 89.7 - -
------- ----- ----
Earnings attributable to common stocks 1,665.3 106.5 61.3
Dividends on common stocks 146.2 31.2 18.3
------- ----- ----
Undistributed earnings 1,519.1 75.3 43.0
Adjustments
Add-back dividends on assumed conversion
of preference stock 17.7 - -
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (1.3) - 1.3
Dividends on assumed common stock
transactions (4.2) - (0.4)
------- ----- ----
Adjusted earnings attributable to
common stocks $1,531.3 $75.3 $43.9
======= ===== ====
Weighted average shares outstanding
(in millions) 733.1 260.1 91.7
Adjustments
Shares issued on assumed conversion of
preference stock * 15.3 - -
Assumed exercise of dilutive stock options * 5.6 - 2.0
----- ----- ----
Adjusted weighted average shares outstanding 754.0 260.1 93.7
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $2.03 $0.29 $0.47
Dividends 0.20 0.12 0.20
---- ---- ----
Earnings per share attributable
to common stocks $2.23 $0.41 $0.67
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed conversion of preference stock and exercise of stock options
reflected by these adjustments has no effect on Class E or Class H common
stock earnings per share, because to the extent that shares of Class E or
Class H common stock deemed to be outstanding would increase, such increased
shares would also increase the numerator of the fraction used to determine
Available Separate Consolidated Net Income.
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3
GENERAL MOTORS CORPORATION
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
Six Months Ended
June 30, 1995
-----------------------------
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
-----------------------------
(Dollars in Millions Except
Per Share Amounts)
Net income attributable to stocks $3,963.8 $328.2 $132.1
Premium on repurchase of preference stocks 153.4 - -
Dividends on preference stocks 118.1 - -
------- ----- ----
Earnings attributable to common stocks 3,692.3 328.2 132.1
Dividends on common stocks 374.5 91.3 43.6
------- ----- ----
Undistributed earnings 3,317.8 236.9 88.5
Adjustments
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (3.0) - 3.0
Dividends on assumed common stock transactions (1.9) - (1.0)
------- ----- ----
Adjusted earnings attributable to
common stocks $3,312.9 $236.9 $90.5
======= ===== ====
Weighted average shares outstanding
(in millions) 749.4 369.7 94.8
Adjustments
Assumed exercise of dilutive stock options * 3.8 0.1 2.1
----- ----- ----
Adjusted weighted average shares outstanding 753.2 369.8 96.9
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $4.40 $0.64 $0.93
Adjustment - (0.01)** -
Dividends 0.50 0.26 0.46
---- ---- ----
Earnings per share attributable to common stocks $4.90 $0.89 $1.39
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed exercise of stock options reflected by these adjustments has
no effect on Class E or Class H common stock earnings per share, because to
the extent that shares of Class E or Class H common stock deemed to be
outstanding would increase, such increased shares would also increase the
numerator of the fraction used to determine Available Separate Consolidated
Net Income.
** The per-share reported earnings attributable to Class E common stock of
$0.89 equals the sum of the separate computations of each of the first two
quarters, consistent with the requirements for calculating earnings per share
based on EDS earnings and the Class E denominator. The six month calculation
shown above (based on 1995 weighted average outstanding Class E shares for the
period) requires an adjustment of ($0.01) due to the significant differences
in the average number of shares outstanding in each quarter resulting from the
Class E stock contribution to the U.S. hourly pension plan.
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4
GENERAL MOTORS CORPORATION
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Concluded
Six Months Ended
June 30, 1994
----------------------------
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
----------------------------
(Dollars in Millions Except
Per Share Amounts)
Net income attributable to stocks (before
cumulative effect of accounting change) $3,203.9 $198.6 $132.1
Dividends on preference stocks 176.5 - -
------- ----- -----
Earnings attributable to common stocks 3,027.4 198.6 132.1
Dividends on common stocks 291.4 62.1 36.5
------- ----- -----
Undistributed earnings 2,736.0 136.5 95.6
Adjustments
Add-back dividends on assumed conversion
of preference stock 32.4 - -
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (2.9) - 2.9
Dividends on assumed common stock transactions (9.2) - (0.8)
------- ----- -----
Adjusted earnings attributable to
common stocks $2,756.3 $136.5 $97.7
======= ===== =====
Weighted average shares outstanding
(in millions) 729.2 259.0 91.2
Adjustments
Shares issued on assumed conversion
of preference stock * 16.5 - -
Assumed exercise of dilutive stock options * 6.4 - 2.0
----- ----- ----
Adjusted weighted average shares outstanding 752.1 259.0 93.2
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common
stocks (before cumulative effect of
accounting change) 3.67 0.53 1.05
Cumulative effect of accounting change at
January 1, 1994 (1.05) - (0.08)
Dividends 0.40 0.24 0.40
----- ---- -----
Earnings per share attributable
to common stocks $3.02 $0.77 $1.37
===== ==== =====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
* The assumed conversion of preference stock and exercise of stock options
reflected by these adjustments has no effect on Class E or Class H common
stock earnings per share, because to the extent that shares of Class E or
Class H common stock deemed to be outstanding would increase, such
increased shares would also increase the numerator of the fraction used to
determine Available Separate Consolidated Net Income.
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