CHIQUITA BRANDS INTERNATIONAL, INC. EXHIBIT 11 COMPUTATION OF EARNINGS PER COMMON SHARE (In thousands, except per share amounts) Year Ended December 31, 1993 1992 1991 1990 1989 A. Computation of primary earnings (loss) per common share: Income (loss) from continuing operations $ (51,081) $ (221,708) $ 110,909 $ 95,831 $ 83,840 Income (loss) from discontinued operations -- (62,332) 17,586 (1,913) (16,073) Net income (loss) used to calculate primary earnings per share $ (51,081) $ (284,040) $ 128,495 $ 93,918 $ 67,767 Shares used in calculation of per share data: Weighted average common and equivalent Series C preference shares outstanding 51,427 51,804 47,834 40,100 38,751 Dilutive effect of assumed exercise of certain stock options and warrants -- -- 2,548 1,989 1,037 Weighted average common shares used to calculate primary earnings (loss) per share 51,427 51,804 50,382 42,089 39,788 Primary earnings (loss) per common share: - - Continuing operations $ (.99) $ (4.28) $ 2.20 $ 2.28 $ 2.10 - - Discontinued operations -- (1.20) .35 (.05) (.40) - - Net income (loss) $ (.99) $ (5.48) $ 2.55 $ 2.23 $ 1.70 CHIQUITA BRANDS INTERNATIONAL, INC. EXHIBIT 11 (cont.) COMPUTATION OF EARNINGS PER COMMON SHARE (In thousands, except per share amounts) Year Ended December 31, 1993 1992 1991 1990 1989 B. Computation of fully diluted earnings (loss) per common share: Income (loss) from continuing operations $ (51,081) $ (221,708) $ 110,909 $ 95,831 $ 83,840 Additional income as a result of assumed conversion of convertible debentures -- -- 4,836 1,175 2,064 Income (loss) from continuing operations used to calculate fully diluted earnings per share (51,081) (221,708) 115,745 97,006 85,904 Income (loss) from discontinued operations -- (62,332) 17,586 (1,913) (16,073) Net income (loss) used to calculate fully diluted earnings per share $ (51,081) $ (284,040) $ 133,331 $ 95,093 $ 69,831 Shares used in calculation of per share data: Weighted average common shares used to calculate primary earnings (loss) per share 51,427 51,804 50,382 42,089 39,788 Additional shares resulting from assumed exercise of options and assumed conversions of convertible subordinated debentures -- -- 2,530 1,201 2,124 Weighted average common shares used to calculate fully diluted earnings (loss) per share 51,427 51,804 52,912 43,290 41,912 Fully diluted earnings (loss) per common share: - - Continuing operations $ (.99) $ (4.28) $ 2.19 $ 2.24 $ 2.05 - - Discontinued operations -- (1.20) .33 (.04) (.38) - - Net income (loss) $ (.99) $ (5.48) $ 2.52 $ 2.20 $ 1.67