l:\secfiles\10-Q\1995\3rdqtr95\exhib11.doc 1
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GENERAL MOTORS CORPORATION EXHIBIT 11
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
Quarter Ended
September 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 $358.1 $222.9 $61.4
Dividends on preference stocks 41.4 - -
----- ----- ----
Earnings attributable to common stocks 316.7 222.9 61.4
Dividends on common stocks 224.3 57.0 22.1
----- ----- ----
Undistributed earnings 92.4 165.9 39.3
Adjustments
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (1.4) - 1.3
Dividends on assumed common stock
transactions (1.2) - (0.5)
----- ----- ----
Adjusted earnings attributable to
common stocks $89.8 $165.9 $40.1
===== ===== ====
Weighted average shares outstanding
(in millions) 748.2 438.8 95.9
Adjustment
Assumed exercise of dilutive stock options * 4.2 - 2.1
----- ----- ----
Adjusted weighted average shares outstanding 752.4 438.8 98.0
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $0.12 $0.38 $0.41
Dividends 0.30 0.13 0.23
---- ---- ----
Earnings per share attributable to
common stocks $0.42 $0.51 $0.64
==== ==== ====
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
September 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 $378.1 $117.3 $56.6
Dividends on preference stocks 72.1 - -
----- ----- ----
Earnings attributable to common stocks 306.0 117.3 56.6
Dividends on common stocks 150.6 31.4 18.5
----- ----- ----
Undistributed earnings 155.4 85.9 38.1
Adjustments
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 (0.9) - (0.4)
----- ----- ----
Adjusted earnings attributable to
common stocks $153.2 $85.9 $39.0
===== ===== ====
Weighted average shares outstanding
(in millions) 752.7 261.2 92.7
Adjustment
Assumed exercise of dilutive stock options * 4.5 - 2.1
----- ----- ----
Adjusted weighted average shares outstanding 757.2 261.2 94.8
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $0.20 $0.33 $0.41
Dividends 0.20 0.12 0.20
---- ---- ----
Earnings per share attributable
to common stocks $0.40 $0.45 $0.61
==== ==== ====
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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3
GENERAL MOTORS CORPORATION
AND SUBSIDIARIES COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
Nine Months Ended
September 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 $4,321.9 $551.1 $193.5
Premium on repurchases of preference stocks 153.4 - -
Dividends on preference stocks 159.5 - -
------- ----- -----
Earnings attributable to common stocks 4,009.0 551.1 193.5
Dividends on common stocks 598.8 148.3 65.7
------- ----- -----
Undistributed earnings 3,410.2 402.8 127.8
Adjustment
Change in earnings attributable to each
class of common stock related to the
assumed exercise of stock options * (4.7) - 4.7
Dividends on assumed common stock transactions (2.9) - (1.6)
------- ----- -----
Adjusted earnings attributable to
common stocks $3,402.6 $402.8 $130.9
======= ===== =====
Weighted average shares outstanding
(in millions) 749.0 393.0 95.2
Adjustment
Assumed exercise of dilutive stock options * 3.8 - 2.2
----- ----- ----
Adjusted weighted average shares outstanding 752.8 393.0 97.4
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common stocks $4.52 $1.02 $1.34
Adjustment - (0.01)** -
Dividends 0.80 0.39 0.69
---- ---- ----
Earnings per share attributable to common stocks $5.32 $1.40 $2.03
==== ==== ====
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
$1.40 equals the sum of the separate computations of each of the first three
quarters, consistent with the requirements for calculating earnings per share
based on EDS earnings and the Class E denominator. The nine 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 weighted 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
Nine Months Ended
September 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) $3,582.0 $315.9 $188.7
Dividends on preference stocks 248.6 - -
------- ----- -----
Earnings attributable to common stocks 3,333.4 315.9 188.7
Dividends on common stocks 442.0 93.5 55.0
------- ----- -----
Undistributed earnings 2,891.4 222.4 133.7
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 * (4.3) - 4.3
Dividends on assumed common stock transactions (10.0) - (1.2)
------- ----- -----
Adjusted earnings attributable to
common stocks $2,909.5 $222.4 $136.8
======= ===== =====
Weighted average shares outstanding
(in millions) 737.1 259.7 91.7
Adjustments
Shares issued on assumed conversion
of preference stock * 11.0 - -
Assumed exercise of dilutive stock options * 5.7 - 2.1
----- ----- ----
Adjusted weighted average shares outstanding 753.8 259.7 93.8
===== ===== ====
Per Share Data
Earnings per share attributable to
undistributed earnings on common
stocks (before cumulative effect of
accounting change) $3.86 $0.86 $1.46
Cumulative effect of accounting change at
January 1, 1994 (1.05) - (0.08)
Dividends 0.60 0.36 0.60
---- ---- ----
Earnings per share attributable
to common stocks $3.41 $1.22 $1.98
==== ==== ====
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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