EXHIBIT 11
UNION CARBIDE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE FOR THE FIVE YEARS ENDED DECEMBER 31, 1996
(In millions of dollars except per share amounts)
Year Ended December 31,
1996 1995
Earnings Per Share - Primary
Income (loss) from continuing operations $ 593 $ 925
Less: Preferred stock dividend 13 13
Net income (loss) from continuing operations
for primary income calculation 580 912
Income from discontinued operations - -
Cumulative effect of accounting changes - -
Net income (loss) - common stockholders $ 580 $ 912
Weighted average number of common
and common equivalent shares applicable
to primary earnings per share calculation
Weighted average number of
shares outstanding 131,029,621 137,219,676
Dilutive effect of stock options 4,492,283 4,443,980
135.521.904 141,663,656
Earnings per share - primary
Income (loss) from continuing operations $ 4.28 $ 6.44
Discontinued operations - -
Cumulative effect of accounting changes - -
Net income (loss) - common stockholders $ 4.28 $ 6.44
Earnings Per Share Assuming Full Dilution
Income (loss) from continuing operations $ 593 $ 925
Plus: Interest on convertible debentures
(net of taxes) - -
Less: Additional ESOP contribution resulting
from assumed conversion of preferred
stock 1 1
Income (loss) from continuing operations
for fully diluted income calculation 592 924
Income from discontinued operations - -
Cumulative effect of accounting changes - -
Net income (loss) for fully diluted
income calculation $ 592 $ 924
Weighted average number of common
and common equivalent shares applicable to
fully diluted earnings per share calculation
Weighted average number of
shares outstanding 131,029,621 137,219,676
Dilutive effect of stock options 4,492,283 4,819,502
Shares issuable upon conversion of UCC
convertible debentures - -
Shares issuable upon conversion of UCC
convertible preferred stock 16,120,754 16,341,367
151,642,658 158,380,545
Per share assuming full dilution
Income (loss) from continuing operations $ 3.90 $ 5.83
Discontinued operations - -
Cumulative effect of accounting changes - -
Net income (loss) $ 3.90 $ 5.83
<FN>
* Fully diluted per share amounts are not presented in the consolidated
statements of income where amounts are antidilutive. Fully diluted per
share amounts are shown equal to primary per share amounts in the
Selected Financial Data on pages 20 through 21 of the 1996 annual report
to stockholders where amounts are antidilutive.
UNION CARBIDE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE FOR THE FIVE YEARS ENDED DECEMBER 31, 1996
(In millions of dollars except per share amounts)
Year Ended December 31,
1994 1993
Earnings Per Share - Primary
Income (loss) from continuing operations $ 389 $ 165
Less: Preferred stock dividend 13 13
Net income (loss) from continuing operations
for primary income calculation 376 152
Income from discontinued operations - -
Cumulative effect of accounting changes - (97)
Net income (loss) - common stockholders $ 376 $ 55
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
Dilutive effect of stock options 4,270,033 3,549,905
154,174,788 151,371,160
Earnings per share - primary
Income (loss) from continuing operations $ 2.44 $ 1.00
Discontinued operations - -
Cumulative effect of accounting changes - (0.64)
Net income (loss) - common stockholders $ 2.44 $ 0.36
Earnings Per Share Assuming Full Dilution
Income (loss) from continuing operations $ 389 $ 165
Plus: Interest on convertible debentures
(net of taxes) - 4
Less: Additional ESOP contribution resulting
from assumed conversion of preferred
stock 1 1
Income (loss) from continuing operations
for fully diluted income calculation 388 168
Income from discontinued operations - -
Cumulative effect of accounting changes - (97)
Net income (loss) for fully diluted
income calculation $ 388 $ 71
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
Dilutive effect of stock options 4,439,006 4,244,866
Shares issuable upon conversion of UCC
convertible debentures - 4,482,931
Shares issuable upon conversion of UCC
convertible preferred stock 16,542,644 16,796,109
170,886,405 173,345,161
Per share assuming full dilution
Income (loss) from continuing operations $ 2.27 $ 0.97
Discontinued operations - -
Cumulative effect of accounting changes - (0.56)
Net income (loss) $ 2.27 $ 0.41 *
<FN>
* Fully diluted per share amounts are not presented in the consolidated
statements of income where amounts are antidilutive. Fully diluted per
share amounts are shown equal to primary per share amounts in the
Selected Financial Data on pages 20 through 21 of the 1996 annual report
to stockholders where amounts are antidilutive.
UNION CARBIDE CORPORATION AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER SHARE FOR THE FIVE YEARS ENDED DECEMBER 31, 1996
(In millions of dollars except per share amounts)
Year Ended December 31,
1992
Earnings Per Share - Primary
Income (loss) from continuing operations $ 119
Less: Preferred stock dividend 17
Net income (loss) from continuing operations
for primary income calculation 102
Income from discontinued operations 67
Cumulative effect of accounting changes (361)
Net income (loss) - common stockholders $ (192)
Weighted average number of common
and common equivalent shares applicable
to primary earnings per share calculation
Weighted average number of
shares outstanding 129,723,738
Dilutive effect of stock options 2,625,735
132,349,473
Earnings per share - primary
Income (loss) from continuing operations $ 0.76
Discontinued operations 0.51
Cumulative effect of accounting changes (2.73)
Net income (loss) - common stockholders $(1.46)
Earnings Per Share Assuming Full Dilution
Income (loss) from continuing operations $ 119
Plus: Interest on convertible debentures
(net of taxes) 17
Less: Additional ESOP contribution resulting
from assumed conversion of preferred
stock 7
Income (loss) from continuing operations
for fully diluted income calculation 129
Income from discontinued operations 67
Cumulative effect of accounting changes (361)
Net income (loss) for fully diluted
income calculation $ (165)
Weighted average number of common
and common equivalent shares applicable to
fully diluted earnings per share calculation
Weighted average number of
shares outstanding 129,723,738
Dilutive effect of stock options 4,038,716
Shares issuable upon conversion of UCC
convertible debentures 15,774,784
Shares issuable upon conversion of UCC
convertible preferred stock 14,655,935
164,193,173
Per share assuming full dilution
Income (loss) from continuing operations $ 0.78
Discontinued operations 0.41
Cumulative effect of accounting changes (2.20)
Net income (loss) $(1.01)*
<FN>
* Fully diluted per share amounts are not presented in the consolidated
statements of income where amounts are antidilutive. Fully diluted per
share amounts are shown equal to primary per share amounts in the
Selected Financial Data on pages 20 through 21 of the 1996 annual report
to stockholders where amounts are antidilutive.