EXHIBIT 11(i)
INGERSOLL-RAND COMPANY
COMPUTATION OF PRIMARY EARNINGS PER SHARE
(In millions of dollars except for shares and per share amounts)
Years ended December 31,
1996 1995 1994 1993 1992
PRIMARY EARNINGS PER SHARE:
Earnings before effect of
accounting changes.......... $358.0 $270.3 $211.1 $163.5 $115.6
Effect of accounting changes:
- Postemployment benefits -- -- -- (21.0) --
- Postretirement benefits
other than pensions....... -- -- -- -- (332.0)
- Income taxes.............. -- -- -- -- (18.0)
Net earnings (loss) applicable
to common stock............. $358.0 $270.3 $211.1 $142.5 $(234.4)
Average number of common
shares outstanding.......... 107,492,364 106,069,078 105,458,116 104,991,535 104,340,622
Primary earnings per share:
Earnings before effect of
accounting changes.......... $3.33 $2.55 $2.00 $ 1.56 $ 1.11
Effect of accounting changes:
- Postemployment benefits -- -- -- (0.20) --
- Postretirement benefits
other than pensions..... -- -- -- -- (3.19)
- Income taxes............ -- -- -- -- (0.17)
Primary earnings (loss) per
share....................... $3.33 $2.55 $2.00 $ 1.36 $(2.25)
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.
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:
1996 - 798,190; 1995 - 498,456; 1994 - 496,893; 1993 - 600,429; 1992 - 738,149.