EXHIBIT 11(i)
Page 1 of 2
INGERSOLL-RAND COMPANY
COMPUTATION OF PRIMARY EARNINGS PER SHARE
(In thousands of dollars except for shares and per share amounts)
Years ended December 31,
1994 1993 1992 1991 1990
PRIMARY EARNINGS PER SHARE:
Earnings before effect of
accounting changes.......... $ 211,140 $ 163,524 $ 115,594 $ 150,589 $ 185,343
Less dividends on
preference stock ......... -- -- -- -- 1,838
Earnings applicable to common
stock before effect of
accounting changes.......... 211,140 163,524 115,594 150,589 183,505
Effect of accounting changes:
- Postemployment benefits -- (21,000) -- -- --
- Postretirement benefits
other than pensions..... -- -- (332,000) -- --
- Income taxes.............. -- -- (18,000) -- --
Net earnings (loss) applicable
to common stock............. $ 211,140 $ 142,524 $ (234,406) $ 150,589 $ 183,505
Average number of common
shares outstanding.......... 105,458,116 104,991,535 104,340,622 103,634,178 103,351,708
Primary earnings per share:
Earnings before effect of
accounting changes.......... $2.00 $ 1.56 $ 1.11 $1.45 $1.78
Effect of accounting changes:
- Postemployment benefits -- (0.20) -- -- --
- Postretirement benefits
other than pensions... -- -- (3.19) -- --
- Income taxes............ -- -- (0.17) -- --
Primary earnings (loss) per
share....................... $2.00 $ 1.36 $(2.25) $1.45 $1.78
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EXHIBIT 11(i)
Page 2 of 2
INGERSOLL-RAND COMPANY
COMPUTATION OF PRIMARY EARNINGS PER SHARE
(Continued)
Notes: All common share and per share amounts have been adjusted
for the 2-for-1 stock split which was made in the form of a stock
dividend in 1992. On February 7, 1990, the board of directors
authorized the redemption of the Dutch Auction Rate Transferable
Securities preference stock. The company redeemed Series D-1
preference stock on March 14, 1990, and Series D-2 preference
stock on April 4, 1990. Shares issuable under outstanding stock
plans, applying the "Treasury Stock" method, have been excluded
from the computation of primary earnings per share since such
shares were less than 1% of common shares outstanding, as
follows: 1994 - 496,893; 1993 - 600,429; 1992 - 738,149; 1991 -
632,056; 1990 - 639,836.
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