THE UPJOHN COMPANY AND SUBSIDIARIES EXHIBIT 11
COMPUTATION OF EARNINGS PER COMMON SHARE - PRIMARY
(In millions, except per-share data)
Three Months Six Months
Ended June 30, Ended June 30,
1994 1993 1994 1993
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Earnings from continuing operations $120.1 $125.1 $254.8 $276.5
Discontinued operation .2 1.1
Cumulative effect of accounting changes (18.9)
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Net earnings 120.1 125.3 254.8 258.7
Dividends on preferred stock, net of tax 3.1 3.1 6.1 6.1
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Net earnings on common shares - primary $117.0 $122.2 $248.7 $252.6
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Average number of common shares outstanding 173.0 174.0 173.2 174.2
Number of common shares issuable assuming
exercise of stock options .1 .2 .1 .1
Contingently issuable incentive common shares .3 .3 .3 .3
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Total shares - primary 173.4 174.5 173.6 174.6
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Primary earnings per common share:
Earnings from continuing operations $ .67 $ .70 $ 1.43 $ 1.55
Discontinued operation .01
Cumulative effect of accounting changes (.11)
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Net earnings $ .67 $ .70 $ 1.43 $ 1.45
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COMPUTATION OF EARNINGS PER COMMON SHARE - FULLY DILUTED
Earnings from continuing operations $120.1 $125.1 $254.8 $276.5
Discontinued operation .2 1.1
Cumulative effect of accounting changes (18.9)
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Net earnings 120.1 125.3 254.8 258.7
Less ESOP contribution assumed to be required if
preferred shares are converted into common shares 1.3 1.3 2.5 2.6
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Net earnings on common shares - fully diluted $118.8 $124.0 $252.3 $256.1
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Average number of common shares outstanding 173.0 174.0 173.2 174.2
Number of common shares issuable assuming exercise
of stock options .2 .2 .2 .2
Contingently issuable incentive common shares .3 .3 .3 .3
Number of common shares issuable assuming
conversion of preferred shares 7.3 7.4 7.3 7.4
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Total shares - fully diluted 180.8 181.9 181.0 182.1
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Fully diluted earnings per common share:
Earnings from continuing operations $ .65 $ .68 $ 1.39 $ 1.50
Discontinued operation .01
Cumulative effect of accounting changes (.10)
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Net earnings $ .65 $ .68 $ 1.39 $ 1.41
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