EXHIBIT 11.1
(Page 1 of 2)
TEREX CORPORATION AND SUBSIDIARIES
Computation of Earnings per Common Share
(in millions except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
PRIMARY:
Income (loss) from
continuing operations ................... $(3.4) $(12.3) $(7.8) $(24.8)
Income (loss) from
discontinued operations ................. 4.8 4.5 14.2 (1.1)
Income (loss) before
extraordinary item ...................... 1.4 (7.8) 6.4 (25.9)
Less: Accretion of Preferred Stock ....... (2.3) (1.8) (6.0) (5.2)
Income (loss) before extraordinary
item applicable to common stock ......... (0.9) (9.6) 0.4 (31.1)
Extraordinary gain (loss)
on retirement of debt ................... -- -- -- (7.5)
Net income (loss) applicable
to common stock ......................... $(0.9) $ (9.6) $ 0.4 $(38.6)
Weighted average shares outstanding
during the period ....................... 12.7 10.3 11.3 10.3
Assumed exercise of warrants
at ratio determined as of
September 30, 1996 ...................... 1.0 ---(a) 1.4 ---(a)
Assumed exercise of stock options ........ 0.5 ---(a) 0.3 ---(a)
Primary shares outstanding ............... 14.2 10.3 13.0 10.3
Primary income (loss) per common share
Income (loss) from continuing operations . $(0.40) $ (1.36) $(1.06) $ (2.91)
Income (loss) from discontinued operations 0.34 0.43 1.09 (0.11)
Income (loss) before extraordinary items . (0.06) (0.93) 0.03 (3.02)
Extraordinary items ...................... -- -- -- (0.73)
Net income (loss) ........................ $(0.06) $ (0.93) $ 0.03 $ (3.75)
(a) Excluded from computation because the effect is antidilutive.
EXHIBIT 11.1
(Page 2 of 2)
TEREX CORPORATION AND SUBSIDIARIES
Computation of Earnings per Common Share
(in millions except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
FULLY DILUTED:
Income (loss) from
continuing operations ................... $(3.4) $(12.3) $(7.8) $(24.8)
Income (loss) from
discontinued operations ................. 4.8 4.5 14.2 (1.1)
Income (loss) before
extraordinary item ...................... 1.4 (7.8) 6.4 (25.9)
Less: Accretion of Preferred Stock ....... (2.3) (1.8) (6.0) (5.2)
Income (loss) before extraordinary
item applicable to common stock ......... (0.9) (9.6) 0.4 (31.1)
Add: Accretion of Preferred Stock
assumed converted at beginning
of period .............................. -- -- -- --
(0.9) (9.6) 0.4 (31.1)
Extraordinary gain (loss)
on retirement of debt ................... -- -- -- (7.5)
Net income (loss) applicable
to common stock ......................... $(0.9) $ (9.6) $ 0.4 $(38.6)
Weighted average shares outstanding
during the period ....................... 12.7 10.3 11.3 10.3
Assumed exercise of warrants
at ratio determined as of
September 30, 1996 ...................... 1.0 ---(a) 1.4 ---(a)
Assumed conversion of Preferred Stock .... ---(a) ---(a) ---(a) ---(a)
Assumed exercise of stock options ........ 0.5 ---(a) 0.3 ---(a)
Fully diluted shares outstanding ......... 14.2 10.3 13.0 10.3
Fully diluted income (loss)
per common share
Income (loss) from continuing operations . $(0.40) $ (1.36) $(1.06) $ (2.91)
Income (loss) from discontinued operations 0.34 0.43 1.09 (0.11)
Income (loss) before extraordinary items . (0.06) (0.93) 0.03 (3.02)
Extraordinary items ...................... -- -- -- (0.73)
Net income (loss) ........................ $(0.06) $ (0.93) $ 0.03 $ (3.75)
(a) Excluded from computation because the effect is antidilutive.