HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
Statement Regarding Computation of Per Share Earnings
Registrant's Basic and Diluted Earnings Per Share (in millions except
per share amounts)
Exhibit 11
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Three months ended Six months ended
April 30 April 30
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1998 1997 1998 1997
Basic earnings per share
Net earnings $ 685 $ 784 $1,614 $1,696
Number of shares on which basic
earnings per share is based:
Weighted average common shares
outstanding during the period 1,039 1,017 1,039 1,017
Basic earnings per share $0.66 $0.77 $1.55 $1.67
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Diluted earnings per share
Net earnings $ 685 $ 784 $1,614 $1,696
Adjustment for interest
expense, net 6 - 12 -
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Net earnings, adjusted $ 691 $ 784 $1,626 $1,696
Number of shares on which diluted
earnings per share is based:
Weighted average common shares
outstanding during the period 1,039 1,017 1,039 1,017
Weighted average dilutive
potential common shares:
Stock options 29 29 28 30
Convertible zero-coupon notes
due 2017 10 - 10 -
Number of shares and equivalents
on which diluted earnings per
share is based 1,078 1,046 1,077 1,047
Diluted earnings per share $0.65 $0.75 $1.51 $1.62
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