EXHIBIT 11
UNION CARBIDE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE FOR THE FIVE YEARS ENDED DECEMBER 31, 1994
(In millions of dollars except per share amounts)
Year Ended December 31,
1994 1993 1992
Earnings Per Share - Primary
Income (loss) from continuing operations $ 389 $ 165 $ 119
Less: Preferred stock dividend 13 13 17
Net income (loss) from continuing operations
for primary income calculation 376 152 102
Income from discontinued operations - - 67
Cumulative effect of accounting changes - (97) (361)
Net income (loss) - common stockholders $ 376 $ 55 $ (192)
Weighted average number of common
and common equivalent shares applicable
to primary earnings per share calculation
Weighted average number of
shares outstanding 149,904,755 147,821,255 129,723,738
Dilutive effect of stock options 4,270,033 3,549,905 2,625,735
154,174,788 151,371,160 132,349,473
Earnings per share - primary
Income (loss) from continuing operations $ 2.44 $ 1.00 $ 0.76
Discontinued operations - - 0.51
Cumulative effect of accounting changes - (0.64) (2.73)
Net income (loss) - common stockholders $ 2.44 $ 0.36 $(1.46)
Earnings Per Share Assuming Full Dilution
Income (loss) from continuing operations $ 389 $ 165 $ 119
Plus: Interest on convertible debentures
(net of taxes) - 4 17
Less: Additional ESOP contribution resulting
from assumed conversion of preferred
stock 1 1 7
Income (loss) from continuing operations
for fully diluted income calculation 388 168 129
Income from discontinued operations - - 67
Cumulative effect of accounting changes - (97) (361)
Net income (loss) for fully diluted
income calculation $ 388 $ 71 $ (165)
Weighted average number of common
and common equivalent shares applicable to
fully diluted earnings per share calculation
Weighted average number of
shares outstanding 149,904,755 147,821,255 129,723,738
Dilutive effect of stock options 4,439,006 4,244,866 4,038,716
Shares issuable upon conversion of UCC
convertible debentures - 4,482,931 15,774,784
Shares issuable upon conversion of UCC
convertible preferred stock 16,542,644 16,796,109 14,655,935
170,886,405 173,345,161 164,193,173
Per share assuming full dilution
Income (loss) from continuing operations $ 2.27 $ 0.97 $ 0.78
Discontinued operations - - 0.41
Cumulative effect of accounting changes - (0.56) (2.20)
Net income (loss) $ 2.27 $ 0.41 * $(1.01)*
Year Ended December 31,
1991 1990
Earnings Per Share - Primary
Income (loss) from continuing operations $ (116) $ 188
Less: Preferred stock dividend 19 -
Net income (loss) from continuing operations
for primary income calculation (135) 188
Income from discontinued operations 107 120
Cumulative effect of accounting changes - -
Net income (loss) - common stockholders $ (28) $ 308
Weighted average number of common
and common equivalent shares applicable
to primary earnings per share calculation
Weighted average number of
shares outstanding 126,449,140 140,665,386
Dilutive effect of stock options 327,068 346,810
126,776,208 141,012,196
Earnings per share - primary
Income (loss) from continuing operations $(1.06) $ 1.34
Discontinued operations 0.84 0.85
Cumulative effect of accounting changes - -
Net income (loss) - common stockholders $(0.22) $ 2.19
Earnings Per Share Assuming Full Dilution
Income (loss) from continuing operations $ (116) $ 188
Plus: Interest on convertible debentures
(net of taxes) 17 17
Less: Additional ESOP contribution resulting
from assumed conversion of preferred
stock 4 -
Income (loss) from continuing operations
for fully diluted income calculation (103) 205
Income from discontinued operations 107 120
Cumulative effect of accounting changes - -
Net income (loss) for fully diluted
income calculation $ 4 $ 325
Weighted average number of common
and common equivalent shares applicable to
fully diluted earnings per share calculation
Weighted average number of
shares outstanding 126,449,140 140,665,386
Dilutive effect of stock options 392,058 346,810
Shares issuable upon conversion of UCC
convertible debentures 9,718,310 9,718,310
Shares issuable upon conversion of UCC
convertible preferred stock 15,116,167 1,905,065
151,675,675 152,635,571
Per share assuming full dilution
Income (loss) from continuing operations $(0.68) $ 1.34
Discontinued operations 0.71 0.79
Cumulative effect of accounting changes - -
Net income (loss) $ 0.03* $ 2.13
<FN>
* Fully diluted per share amounts are not presented in the consolidated statements
of income where amounts are antidilutive.