EXHIBIT 11
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS
(Unaudited)
Three Months Ended
September 30, 1997
------------------
$1-2/3
Par Value Class H
Common Common
Stock Stock
--------- --------
(Dollars in Millions
Except Per Share Amounts)
Net income $1,006 $61
Premium on exchange of preference stocks 26 -
Dividends on preference stocks 16 -
----- ---
Earnings on common stocks 964 61
Dividends on common stocks 355 26
--- --
Net earnings retained $609 $35
=== ==
Weighted average shares outstanding (in millions) 713 102
Per Share Data
Net earnings retained per share $0.85 $0.35
Cash dividends per share 0.50 0.25
---- ----
Net earnings per share $1.35 $0.60
==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
- 29 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
(Unaudited)
Three Months Ended
September 30, 1996
------------------------
$1-2/3
Par Value Class H
Common Common
Stock Stock
--------- --------
(Dollars in Millions
Except Per Share Amounts)
Net income $1,209 $62
Dividends on preference stocks 21 -
------ ---
Earnings on common stocks 1,188 62
Dividends on common stocks 301 24
--- --
Net earnings retained $887 $38
=== ==
Weighted average shares outstanding (in millions) 756 99
Per Share Data
Net earnings retained per share $1.17 $0.39
Cash dividends per share 0.40 0.24
---- ----
Net earnings per share $1.57 $0.63
==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
- 30 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Continued
(Unaudited)
Nine Months Ended
September 30, 1997
-----------------------
$1-2/3
Par Value Class H
Common Common
Stock Stock
--------- ---------
(Dollars in Millions
Except Per Share Amounts)
Net income $4,704 $257
Premium on exchange of preference stocks 26 -
Dividends on preference stocks 56 -
------ -----
Earnings on common stocks 4,622 257
Dividends on common stocks 1,094 76
----- ----
Net earnings retained $3,528 $181
===== ===
Weighted average shares outstanding (in millions) 728 101
Per Share Data
Net earnings retained per share $4.85 $1.79
Cash dividends per share 1.50 0.75
---- ----
Net earnings per share $6.35 $2.54
==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
- 31 -
GENERAL MOTORS CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE
ATTRIBUTABLE TO COMMON STOCKS - Concluded
(Unaudited)
Nine Months Ended
September 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 $3,953 $ - $214
Income (loss) from discontinued operations (5) 15 -
------- -- -----
Net income 3,948 15 214
Dividends on preference stocks 61 - -
------ ----- -----
Earnings on common stocks 3,887 15 214
Dividends on common stocks 906 145 71
------ --- ----
Net earnings retained (loss accumulated) $2,981 $(130) $143
===== === ===
Net earnings retained from continuing
operations $2,986 $ - $143
===== === ===
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 $3.95 $ - $1.46
Loss accumulated per share from
discontinued operations (0.01) (0.26) -
Cash dividends per share 1.20 0.30 0.72
---- ---- ----
Net earnings per share $5.14 $0.04 $2.18
==== ==== ====
Note: The difference between fully diluted and primary earnings per share is
immaterial.
- 32 -