Exhibit 11.1
EARNINGS PER SHARE
PRIMARY COMPUTATION
Years Ended June 30, 1993, 1994 and 1995
($ in millions except share and per share amounts)
1995 1994 1993
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Basis for computation of earnings per
common and common equivalent shares:
Earnings (loss) from continuing
operations $184.1 $107.4 $(113.8)
Deduct dividends on 4 Percent
cumulative preferred stock (.4) (.4) (.4)
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Earnings (loss) from continuing
operations available for common
shareholders 183.7 107.0 (114.2)
Loss from discontinued operations (3.8) (3.6) (6.0)
Cumulative effect of accounting
changes (80.6)
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Available for common shareholders $179.9 $103.4 $(200.8)
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Number of common and common equivalent
shares:
Weighted average shares outstanding 76,687,154 76,809,532 76,269,208
Shares issuable upon exercise of
stock options, net of shares
assumed to be repurchased 770,960 797,884 1,139,460
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77,458,114 77,607,416 77,408,668
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Earnings (loss) per common and common
equivalent share:
Continuing operations $2.37 $1.38 $(1.48)
Discontinued operations (.05) (.05) (.08)
Accounting changes (1.04)
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Net earnings (loss) $2.32 $1.33 $(2.60)
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