Computation of Net Income Per Common Share
(Dollars in millions, except per-share data; shares in thousands)
I. Primary Net Income (Loss) Per Common Share
Income (loss) from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
Call premium on redeemable preferred stock
Adjusted income (loss) from continuing operations
Discontinued operations
Change in accounting principles
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to common
stock equivalents for stock options, incentive and
exchangeable shares
Adjusted average shares outstanding for the period
Primary earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Primary earnings (loss) per share
II.Fully Diluted Net Income (Loss) Per Common Share
Income (loss) from continuing operations
Accrued dividends on ESOP preferred stock, net
Accrued dividends on redeemable preferred stock
Call premium on redeemable preferred stock
ESOP expense adjustment, net of tax
Interest on convertible debt, net of tax
Adjusted income (loss) from continuing operations
Discontinued operations
Change in accounting principles
Anti-dilution adjustment, net
Adjusted net income (loss)
Average common shares outstanding during the period
Common shares issuable with respect to:
Stock options, incentive and exchangeable shares
Convertible debt
ESOP preferred stock
Adjusted average shares outstanding for the period
Fully diluted earnings (loss) per share:
Continuing operations
Discontinued operations
Change in accounting principles
Fully diluted earnings (loss) per share *
* Fully diluted net income per share for the year ended December 31, 1990 is
computed by dividing adjusted net income of $157 by the adjusted average
shares outstanding for the period of 94,220 used in the computation of
primary net income per common share. This computation is necessitated by
the anti-dilutive nature of convertible debt and ESOP preferred stock
which would otherwise increase fully diluted net income per share for this
period.
EXHIBIT 11
1994 1993 1992 1991 1990
$ 794 $ (189) $ (217) $ 438 $ 610
(41) (38) (39) (60) (63)
(12) (23) (23) (23) (23)
(11) - - - -
730 (250) (279) 355 524
- 63 (39) 16 (367)
- - (764) - -
$ 730 $ (187) $(1,082) $ 371 $ 157
105,425 100,047 94,424 92,447 92,196
3,001 1,354 1,484 2,479 2,024
108,426 101,401 95,908 94,926 94,220
$ 6.73 $ (2.46) $ (2.91) $ 3.74 $ 5.56
- .62 (.41) .17 (3.90)
- - (7.97) - -
$ 6.73 $ (1.84) $(11.29) $ 3.91 $ 1.66
$ 794 $ (189) $ (217) $ 438 $ 610
- (38) (39) - -
(12) (23) (23) (23) (23)
(11) - - - -
(7) - - (25) (33)
3 - - 1 4
767 (250) (279) 391 558
- 63 (39) 16 (367)
- - (764) - -
- - - - (34)
$ 767 $ (187) $(1,082) $ 407 $ 157
105,425 100,047 94,424 92,447 92,196
3,001 1,354 1,484 2,791 2,024
881 - - 217 881
9,770 - - 10,007 10,028
119,077 101,401 95,908 105,462 105,129
$ 6.44 $ (2.46) $ (2.91) $ 3.71 $ 5.31
- .62 (.41) .15 (3.65)
- - (7.97) - -
$ 6.44 $ (1.84) $(11.29) $ 3.86 $ 1.66