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 Nine Months
Ended September 30, Ended September 30,
------------------------ -----------------------
1997 1996 1997 1996
----------- ------------ ----------- -----------
PRIMARY:
Income (loss) from continuing operations...............................$ 8.7 $ (3.4) $ 20.3 $ (7.8)
Income from discontinued operations.................................... --- 4.8 --- 14.2
------------ ----------- ----------- -----------
Income before extraordinary items...................................... 8.7 1.4 20.3 6.4
Less: Accretion of Preferred Stock................................ (0.4) (2.3) (1.2) (6.0)
------------ ----------- ----------- -----------
Income (loss) before extraordinary items applicable to common stock.... 8.3 (0.9) 19.1 0.4
Extraordinary loss on retirement of debt........................... (12.2) --- (14.8) ---
----------- ------------ ----------- -----------
Net income (loss) applicable to common stock...........................$ (3.9) $ (0.9) $ 4.3 $ 0.4
=========== ============ =========== ===========
Weighted average shares outstanding during the period.................. 17.7 12.7 14.9 11.3
Assumed exercise of warrants........................................... 0.2 1.0 0.4 1.4
Assumed exercise of stock options...................................... 0.9 0.5 0.7 0.3
Assumed exercise of equity rights...................................... 0.6 --- 0.4 ---
----------- ------------ ----------- -----------
Primary shares outstanding............................................. 19.4 14.2 16.4 13.0
=========== ============ =========== ===========
Primary income (loss) per common share
Income (loss) from continuing operations...........................$ 0.43 $ (0.40) $ 1.16 $ (1.06)
Income from discontinued operations................................ --- 0.34 --- 1.09
----------- ------------ ----------- -----------
Income (loss) before extraordinary items........................... 0.43 (0.06) 1.16 0.03
Extraordinary loss on retirement of debt........................ (0.63) --- (0.90) ---
----------- ------------ ----------- -----------
Net income (loss)..................................................$ (0.20) $ (0.06) $ 0.26 $ 0.03
=========== ============ =========== ===========
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 Nine Months
Ended September 30, Ended September 30,
---------------------- ------------------------
1997 1996 1997 1996
----------- ---------- ------------ -----------
FULLY DILUTED:
Income (loss) from continuing operations...............................$ 8.7 $ (3.4) $ 20.3 $ (7.8)
Income from discontinued operations.................................... --- 4.8 --- 14.2
----------- ---------- ----------- -----------
Income before extraordinary items...................................... 8.7 1.4 20.3 6.4
Less: Accretion of Preferred Stock............................... (0.4) (2.3) (1.2) (6.0)
----------- ---------- ----------- -----------
Income (loss) before extraordinary items applicable to common stock.... 8.3 (0.9) 19.1 0.4
Extraordinary loss on retirement of debt.......................... (12.2) --- (14.8) ---
----------- ---------- ------------ -----------
Income (loss) applicable to common stock............................... (3.9) (0.9) 4.3 0.4
Add: Accretion of Preferred Stock assumed converted
at beginning of period.............................................. --- (a) --- (a) --- (a) --- (a)
----------- ----------- ----------- -----------
Net income (loss) applicable to common stock...........................$ (3.9) $ (0.9) $ 4.3 $ 0.4
=========== =========== =========== ===========
Weighted average shares outstanding during the period.................. 17.7 12.7 14.9 11.3
Assumed exercise of warrants........................................... 0.2 1.0 0.4 1.4
Assumed conversion of Preferred Stock.................................. --- (a) --- (a) --- (a) --- (a)
Assumed exercise of stock options...................................... 0.9 0.5 0.7 0.3
Assumed exercise of equity rights...................................... 0.6 --- 0.4 ---
=========== ========== =========== ===========
Fully diluted shares outstanding....................................... 19.4 14.2 16.4 13.0
=========== ========== =========== ===========
Fully diluted income (loss) per common share
Income (loss) from continuing operations..........................$ 0.43 $ (0.40) $ 1.16 $ (1.06)
Income from discontinued operations............................... --- 0.34 --- 1.09
----------- ---------- ----------- -----------
Income (loss) before extraordinary items.......................... 0.43 (0.06) 1.16 0.03
Extraordinary loss on retirement of debt........................ (0.63) --- (0.90) ---
----------- ---------- ----------- -----------
Net income (loss).................................................$ (0.20) $ (0.06) $ 0.26 $ 0.03
=========== ========== =========== ===========
(a) Excluded from the computation because the effect is anti-dilutive.