L:\secdraft\version4\exhib11.doc 4
EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
(Unaudited)
Three Months Ended
June 30, 1997
$1-2/3
Par Value Class H
Common Common
Stock Stock
(Dollars in Millions
Except Per Share Amounts)
Net income $1,961 $137
Dividends on preference stocks 20 -
------ -----
Earnings on common stocks 1,941 137
Dividends on common stocks 362 25
----- ----
Net earnings retained $1,579 $112
===== ===
Weighted average shares outstanding (in millions) 724 101
Per Share Data
Net earnings retained per share $2.18 $1.10
Cash dividends per share 0.50 0.25
---- ----
Net earnings per share $2.68 $1.35
==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
(Unaudited)
Three Months Ended
June 30, 1996
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
(Dollars in Millions
Except Per Share Amounts)
Income from continuing operations $2,021 $ - $75
Loss from discontinued operations (15) (194) -
------ ----- ----
Net income (loss) 2,006 (194) 75
Dividends on preference stocks 20 - -
------ ----- ----
Earnings (loss) on common stocks 1,986 (194) 75
Dividends on common stocks 300 73 23
------ ---- --
Net earnings retained (loss accumulated) $1,686 $(267) $52
===== === ==
Net earnings retained from continuing
operations $1,701 $ - $52
===== ==== ==
Loss accumulated from discontinued operations $(15) $(267) $ -
== === ===
Weighted average shares outstanding (in millions) 756 479 98
=== === ==
Per Share Data
Net earnings retained per share from
continuing operations $2.25 $ - $0.53
Loss accumulated per share from
discontinued operations (0.02) (0.56) -
Cash dividends per share 0.40 0.15 0.24
---- ---- ----
Net earnings (loss) per share $2.63 $(0.41) $0.77
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
(Unaudited)
Six Months Ended
June 30, 1997
$1-2/3
Par Value Class H
Common Common
Stock Stock
(Dollars in Millions
Except Per Share Amounts)
Net income $3,698 $196
Dividends on preference stocks 40 -
------- -----
Earnings on common stocks 3,658 196
Dividends on common stocks 739 50
------ ----
Net earnings retained $2,919 $146
===== ===
Weighted average shares outstanding (in millions) 736 101
Per Share Data
Net earnings retained per share $3.98 $1.44
Cash dividends per share 1.00 0.50
---- ----
Net earnings per share $4.98 $1.94
==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Concluded
(Unaudited)
Six Months Ended
June 30, 1996
$1-2/3
Par Value Class E Class H
Common Common Common
Stock Stock Stock
(Dollars in Millions
Except Per Share Amounts)
Income from continuing operations $2,745 $ - $151
Income (loss) from discontinued operations (5) 15 -
------- -- -----
Net income 2,740 15 151
Dividends on preference stocks 40 - -
------ ----- -----
Earnings on common stocks 2,700 15 151
Dividends on common stocks 606 145 46
------ --- ----
Net earnings retained (loss accumulated) $2,094 $(130) $105
===== === ===
Net earnings retained from continuing
operations $2,099 $ - $105
===== ==== ===
Loss accumulated from discontinued operations $(5) $(130) $ -
== === ===
Weighted average shares outstanding (in millions) 756 470 98
=== === ==
Per Share Data
Net earnings retained per share from continuing
operations $2.78 $ - $1.07
Loss accumulated per share from
discontinued operations (0.01) (0.26) -
Cash dividends per share 0.80 0.30 0.48
---- ---- ----
Net earnings per share $3.57 $0.04 $1.55
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
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