EXHIBIT 11
THE UPJOHN COMPANY AND SUBSIDIARIES
COMPUTATION OF EARNINGS PER COMMON SHARE - PRIMARY
(In millions, except per-share data)
Three Months Ended
March 31,
--------------------
1994 1993
------ ------
Earnings from continuing operations $134.7 $151.5
Discontinued operation .9
Cumulative effect of accounting changes (18.9)
------ ------
Net earnings 134.7 133.5
Dividends on preferred stock, net of tax 3.0 3.1
------ ------
Net earnings on common shares - primary $131.7 $130.4
====== ======
Average number of common shares outstanding 173.3 174.3
Number of common shares issuable assuming
exercise of stock options .1 .1
Contingently issuable incentive common shares .3 .3
----- -----
Total shares - primary 173.7 174.7
===== =====
Primary earnings per common share:
Earnings from continuing operations $.76 $.85
Discontinued operation .01
Cumulative effect of accounting changes (.11)
---- ----
Net earnings $.76 $.75
==== ====
COMPUTATION OF EARNINGS PER COMMON SHARE - FULLY DILUTED
Earnings from continuing operations $134.7 $151.5
Discontinued operation .9
Cumulative effect of accounting changes (18.9)
------ ------
Net earnings 134.7 133.5
Less ESOP contribution assumed to be required if
preferred shares are converted into common shares (1.2) (1.3)
------ ------
Net earnings on common shares - fully diluted $133.5 $132.2
====== ======
Average number of common shares outstanding 173.3 174.3
Number of common shares issuable assuming
exercise of stock options .1 .2
Contingently issuable incentive common shares .3 .3
Number of common shares issuable assuming
conversion of preferred shares 7.4 7.4
----- -----
Total shares - fully diluted 181.1 182.2
===== =====
Fully diluted earnings per common share:
Earnings from continuing operations $.74 $.82
Discontinued operation .01
Cumulative effect of accounting changes (.10)
---- ----
Net earnings $.74 $.73
==== ====