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EXHIBIT 11
MARION MERRELL DOW INC. AND SUBSIDIARIES
Exhibit 11-Computation of Earnings per Common and
Common Equivalent Share
(Millions of Dollars, Except for Per Share Data)
Year Ended December 31
-------------------------------------------------
1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------------------
PRIMARY:
Net income $ 438 $ 362 $ 706 $ 585 $ 487
Dividends on preferred shares, net of income tax benefits (5) (5) (6) (5) (3)
---- ----- ---- ---- ----
Net income - common stockholders $ 433 $ 357 $ 700 $ 580 $ 484
==== ==== ==== ==== ====
Weighted average number of outstanding common shares 275 274 276 276 278
Number of common shares issuable assuming exercise of
stock options 2 0 1 3 1
---- ---- ---- ---- ----
Weighted average number of outstanding common and
common equivalent shares 277 274 277 279 279
==== ==== ==== ==== ====
Net income - common stockholders $ 433 $ 357 $ 700 $ 580 $ 484
Divided by the weighted average number of outstanding
common and common equivalent shares 277 274 277 279 279
---- ---- ---- ---- ----
Earnings per common and common
equivalent share - primary <1> $1.56 $1.30 $2.53 $2.08 $1.73
==== ==== ==== ==== ====
<FN>
<F1> Earnings per share are computed by dividing net earnings by the weighted average number of outstanding common and common
share equivalents.
116
MARION MERRELL DOW INC. AND SUBSIDIARIES
Exhibit 11-Computation of Earnings Per Common and
Common Equivalent Share
(Millions of Dollars, Except for Per Share Data)
Year Ended December 31
----------------------------------------------
1994 1993 1992 1991 1990
- --------------------------------------------------------------------------------------------------------------
FULLY DILUTED:
Net income $ 438 $ 362 $ 706 $ 585 $ 487
Less ASOP contribution assumed to be required if
preferred shares are converted into common shares,
net of income tax benefits (5) (5) (6) (5) (3)
As if converted common stock dividends on
preferred stock 3 3 3 3 -
Income tax benefits on common share dividends - - - - -
---- ---- ---- ---- ----
Net income - common stockholders $ 436 $ 360 $ 703 $ 583 $ 484
==== ==== ==== ==== ====
Weighted average number of outstanding common shares 275 274 276 276 278
Number of common shares issuable assuming exercise of
stock options 2 - 1 3 3
Number of common shares issuable assuming conversion
of preferred shares 1 4 3 3 1
---- ---- ---- ---- ----
Weighted average number of outstanding common and
common equivalent shares - assuming full dilution 278 278 280 282 282
==== ==== ==== ==== ====
Net income - common stockholders $ 436 $ 360 $ 703 $ 583 $ 484
Divided by the weighted average number of outstanding
common and common equivalent shares -
assuming full dilution 278 278 280 282 282
---- ---- ---- ---- ----
Earnings per common share - assuming full
dilution <F1> $1.57 $1.30 $2.51 $2.07 $1.72
==== ==== ==== ==== ====
<FN>
<F1> Earnings per share are computed by dividing net earnings by the weighted average number of outstanding common and common
share equivalents.